What’s Going On With Tesla Shares?
The market enjoyed a solid bounce in today’s session, with yields in retreat. It’s undoubtedly a welcomed day of price action following a few weeks of volatility.
And today, there were several high-flyers on the move, including Tesla TSLA, PPG Industries PPG, and American Airlines AAL. For those interested in momentum, let’s take a closer look at what’s moving each.
Tesla saw negative coverage following the release of its Q3 EV production and deliveries results despite warning investors of a planned factory shutdown in the prior earnings call. The market has seemed to shrug off the news, with bulls re-taking control of shares.
Regardless, the EV leader produced over 430,000 vehicles and delivered roughly 435,000 throughout Q3, reflecting a sequential decline. Still, the company’s 2023 volume target of 1.8 million vehicles remained unchanged, undoubtedly to the likes of investors.
Despite the recent bounce, Tesla shares are down roughly 9% over the last three months, providing market participants an opportunity to buy shares at discounted levels.
Keep an eye out for the company’s upcoming quarterly release expected on October 18th, as the Zacks Consensus EPS Estimate of $0.74 suggests a 30% pullback from the year-ago period. Analysts have taken their expectations lower following the previously announced factory shutdown, with the estimate down 14% since July.
Keep an eye out for the company’s upcoming quarterly release expected on October 18th, as the Zacks Consensus EPS Estimate of $0.74 suggests a 30% pullback from the year-ago period. Analysts have taken their expectations lower following the previously announced factory shutdown, with the estimate down 14% since July.