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Tesla (TSLA) Stock Slides as Market Rises: Facts to Know Before You Trade
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The latest trading session saw Tesla (TSLA - Free Report) ending at $259.67, denoting a -0.33% adjustment from its last day's close. The stock's performance was behind the S&P 500's daily gain of 0.63%. Meanwhile, the Dow experienced a rise of 0.59%, and the technology-dominated Nasdaq saw an increase of 0.39%.
Heading into today, shares of the electric car maker had gained 4.84% over the past month, outpacing the Auto-Tires-Trucks sector's loss of 0.34% and the S&P 500's loss of 3.39% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Tesla in its upcoming earnings disclosure. The company's earnings report is set to go public on October 18, 2023. The company is forecasted to report an EPS of $0.73, showcasing a 30.48% downward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $24.49 billion, showing a 14.16% escalation compared to the year-ago quarter.
TSLA's full-year Zacks Consensus Estimates are calling for earnings of $3.41 per share and revenue of $99.83 billion. These results would represent year-over-year changes of -16.22% and +22.55%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Tesla. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.45% lower. Tesla presently features a Zacks Rank of #3 (Hold).
With respect to valuation, Tesla is currently being traded at a Forward P/E ratio of 76.37. This signifies a premium in comparison to the average Forward P/E of 9.81 for its industry.
It's also important to note that TSLA currently trades at a PEG ratio of 3.67. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Automotive - Domestic industry had an average PEG ratio of 1.2 as trading concluded yesterday.
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 97, which puts it in the top 39% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Tesla (TSLA) Stock Slides as Market Rises: Facts to Know Before You Trade
The latest trading session saw Tesla (TSLA - Free Report) ending at $259.67, denoting a -0.33% adjustment from its last day's close. The stock's performance was behind the S&P 500's daily gain of 0.63%. Meanwhile, the Dow experienced a rise of 0.59%, and the technology-dominated Nasdaq saw an increase of 0.39%.
Heading into today, shares of the electric car maker had gained 4.84% over the past month, outpacing the Auto-Tires-Trucks sector's loss of 0.34% and the S&P 500's loss of 3.39% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Tesla in its upcoming earnings disclosure. The company's earnings report is set to go public on October 18, 2023. The company is forecasted to report an EPS of $0.73, showcasing a 30.48% downward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $24.49 billion, showing a 14.16% escalation compared to the year-ago quarter.
TSLA's full-year Zacks Consensus Estimates are calling for earnings of $3.41 per share and revenue of $99.83 billion. These results would represent year-over-year changes of -16.22% and +22.55%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Tesla. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.45% lower. Tesla presently features a Zacks Rank of #3 (Hold).
With respect to valuation, Tesla is currently being traded at a Forward P/E ratio of 76.37. This signifies a premium in comparison to the average Forward P/E of 9.81 for its industry.
It's also important to note that TSLA currently trades at a PEG ratio of 3.67. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Automotive - Domestic industry had an average PEG ratio of 1.2 as trading concluded yesterday.
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 97, which puts it in the top 39% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.