Tesla (TSLA) closed at $242.13 in the latest trading session, marking a -0.18% move from the prior day. This change was narrower than the S&P 500’s 0.53% loss on the day. At the same time, the Dow lost 0.26%, and the tech-heavy Nasdaq lost 1.13%.
Heading into today, shares of the electric car maker had gained 9.4% over the past month, outpacing the Auto-Tires-Trucks sector’s gain of 7.42% and the S&P 500’s gain of 3.59% in that time.
Wall Street will be looking for positivity from TSLA as it approaches its next earnings report date. In that report, analysts expect TSLA to post earnings of -$0.14 per share. This would mark a year-over-year decline of 104.83%. Our most recent consensus estimate is calling for quarterly revenue of $6.61 billion, down 3.18% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$3.16 per share and revenue of $24.83 billion, which would represent changes of -137.59% and +15.68%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for TSLA. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company’s business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. TSLA is currently sporting a Zacks Rank of #3 (Hold).
The Automotive – Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 39, putting it in the top 16% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow TSLA in the coming trading sessions, be sure to utilize Zacks.com.
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