Name of opportunity: 👀
Tesla, Inc
Latest numbers exceed estimates: 🧮
The electric car company has beaten Wall Street estimates for Q2 2024. While analysts estimated that Tesla would deliver 439,302 vehicles this quarter, the company actually reported 443,956 deliveries during this time period. In Q1, Tesla only delivered 386,810 cars, so the increase is very noticeable - however, is it enough to restore investors’ and analysts’ confidence in the stock? The stock climbed in value by 10% on Tuesday, but opinion is divided.
How hot is this investment opportunity? 🔥🔥
Some analysts, as well as automotive experts, have noticed that Tesla’s high prices might be putting off potential customers. Despite cutting prices of some of its models by US$2,000, Tesla sales have fallen for the second straight quarter. While delivery is up from last quarter, it’s down on a year-on-year basis.
Tesla’s sales are down 5% from the year-prior. Sales of electric vehicles have slowed lately, both for Tesla and some of its competitors, although some Chinese EV companies like Nio are showing high numbers of deliveries recently.
Analysts predict a 21.03% decrease in value for Tesla stock in the next 12 months, reaching an average target price of $182.63. The rating for Tesla is currently a ‘Hold’. Overall, analysts do not feel confident that Tesla will make enough sales and show the growth that investors are looking for.
Charging up: 🪫
We’ve previously covered Tesla on Hot Stocks, most recently discussing the EV company shareholder’s vote of confidence in CEO Elon Musk, whose net worth is said to have increased 4% - or by US$10 million - since the stock rallied on Tuesday. He owns a 12% stake in the company which is now US$160 billion. Tesla, based in Texas, US, predominantly designs, manufactures and sells battery electric vehicles (BEVs) and stationary battery energy storage devices, although it also has robotics products in development.
Which neme?: 🔍
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