Tesla Prepares for Q1 Earnings Report Amid Stock Decline
Tesla Inc TSLA is set to report its first-quarter earnings on Tuesday after market hours. Investors are keenly interested in how the report will influence the company’s narrative, especially concerning the sharp downturn of its stock.
Wall Street anticipates that Tesla will report earnings of 41 cents per share on revenue of $21.35 billion for the quarter. Observers will be closely watching to see if CEO Elon Musk can reshape the conversation surrounding the stock’s performance.
While the stock has appreciated by 69.93% over the past year, it is important to note that it has dropped by 36.36% year-to-date.
Next, we will analyze Tesla’s stock charts and evaluate the comparison with Wall Street estimates.
Read also: Tesla Battery Supplier CATL Unveils New Fast-Charging Battery With 323-Mile Range In Five Minutes
Tesla Stock Shows Bearish Trends Ahead of Q1 Earnings
On Monday, Tesla stock was trading lower in pre-market activity. This drop follows reports that the release of an affordable Model Y in the U.S. has been delayed. Such news has not provided the necessary boost for bullish investors. Consequently, the stock charts reflect this bearish sentiment.
Chart created using Benzinga Pro
From a technical perspective, Tesla stock is exhibiting a firmly bearish trend, as its price remains below the five, 20, and 50-day exponential moving averages. The stock is generating negative signals across all significant simple moving averages:
- Eight-day SMA: $248.73 compared to TSLA stock at $231.79
- 20-day SMA: $333.49
- 50-day SMA: $276.67
- 200-day SMA: $249.33
The Moving Average Convergence Divergence (MACD) indicates a negative value of -18.29, signaling potential further declines. Additionally, a Relative Strength Index (RSI) of 37.06 suggests the stock is approaching oversold conditions, which may lead to a rebound if the upcoming earnings report exceeds expectations.
Consensus Ratings for Tesla Stock from Analysts
Ratings & Consensus Estimates: Analysts maintain a consensus rating of Buy for Tesla stock, with an average price target set at $298.14.
Recent analyst reports from Piper Sandler, UBS, and Mizuho, all released in April, highlight an average price target of $321.67. This suggests a substantial upside potential of 39.07% from current stock levels.
TSLA Price Action: As of Thursday’s close, Tesla stock was priced at $241.37, reflecting a slight decline of 0.07%.
Read Next:
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
