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ETFs in Focus on Tesla's 128% YTD Jump, Will the Rally Last?
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The electric vehicle giant Tesla Inc. (TSLA - Free Report) has proven to be a super stock this year, having surged 128.4% (as of Jul 14, 2023). Since analysts are busy deciding whether this rally will continue, let’s delve deeper into this company and its stock.
Investors should note that the Zacks Consensus Estimate for the average target price is $231.22, with the highest being $305 and the lowest being $85. The stock had a price of $281.35 as of Jul 14, 2023.
Tesla Sets New Q2 Delivery Record
In early July, Tesla announced a record number of deliveries for the second quarter of 2023. The figures exceed expectations and signal its growing dominance in the electric vehicle market as the company continues to expand its production and sales globally.
The record-breaking numbers were driven by the Model 3 and Model Y, which together accounted for approximately 96% of the total deliveries. Tesla's sales and deliveries have also been bolstered by the recovery of Model S and Model X since their product refresh two years ago.
First Cybertruck on a Roll
After two years of delays, the electric-vehicle marker built its first Cybertruck at its plant in Austin, TX. Tesla will be making three models of the Cybertruck, a vehicle that can accelerate from zero to 60 miles per hour in less than three seconds.
Tesla’s Back-to-Back Price Cut Strategy Works in Its Favor
Tesla delivered a record number of vehicles in the three months ended June, after cutting prices to boost sales. It means that its price-cut strategy has excelled. TSLA has slashed prices in markets including the United States, the UK and China to gain an edge over rivals.
What’s in Store This Earnings Season?
Tesla is set to release its second-quarter earnings on Jul 19, 2023, after market close. Currently, TSLA has a Zacks Rank #3 (Hold) and an Earnings ESP of +2.97%. You can see the complete list of today’s Zacks #1 Rank stocks here.
According to our methodology, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 increases the chances of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
This electric car maker saw upward earnings estimate revision over the past 30 and 60 days for the to-be-released quarter. Four out of 11 analysts raised their estimates. Tesla’s current quarter earnings estimate is 83 cents, up by three cents over the past month.
The company beat earnings estimates in the trailing four reported quarters, yielding an average earnings surprise of 11.71%. Tesla is expected to post earnings and revenue growth of 9.21% and 46.95%, respectively, for the to-be-reported quarter.
What Do Analysts Say?
Out of 25 analysts who conferred ratings on Tesla, 28% gave a Strong But Rating and four gave a Buy rating. As many as 14 analysts gave the stock a Hold rating, while only three analysts went for a Sell recommendation.
What Does Technical Analysis Say?
From a technical standpoint, Tesla was at 281.38 as on Jul 14, 2023, comfortably above its 10-day, 50-day and 200-day simple moving averages of 274.57, 223.95 and 204.28, respectively, at the time of writing. The rise of the 50-day moving average above the 200-day moving average is known as a golden cross, which implies bullish sentiment.
ETFs in Focus
Against this backdrop, if you have faith in Tesla, you may track Tesla-heavy ETFs like Meet Kevin Pricing Power ETF (PP - Free Report) , Consumer Discretionary Select Sector SPDR Fund (XLY - Free Report) , Fidelity MSCI Consumer Discretionary Index ETF (FDIS - Free Report) and ARK Autonomous Technology & Robotics ETF (ARKQ - Free Report) .
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ETFs in Focus on Tesla's 128% YTD Jump, Will the Rally Last?
The electric vehicle giant Tesla Inc. (TSLA - Free Report) has proven to be a super stock this year, having surged 128.4% (as of Jul 14, 2023). Since analysts are busy deciding whether this rally will continue, let’s delve deeper into this company and its stock.
Investors should note that the Zacks Consensus Estimate for the average target price is $231.22, with the highest being $305 and the lowest being $85. The stock had a price of $281.35 as of Jul 14, 2023.
Tesla Sets New Q2 Delivery Record
In early July, Tesla announced a record number of deliveries for the second quarter of 2023. The figures exceed expectations and signal its growing dominance in the electric vehicle market as the company continues to expand its production and sales globally.
The record-breaking numbers were driven by the Model 3 and Model Y, which together accounted for approximately 96% of the total deliveries. Tesla's sales and deliveries have also been bolstered by the recovery of Model S and Model X since their product refresh two years ago.
First Cybertruck on a Roll
After two years of delays, the electric-vehicle marker built its first Cybertruck at its plant in Austin, TX. Tesla will be making three models of the Cybertruck, a vehicle that can accelerate from zero to 60 miles per hour in less than three seconds.
Tesla’s Back-to-Back Price Cut Strategy Works in Its Favor
Tesla delivered a record number of vehicles in the three months ended June, after cutting prices to boost sales. It means that its price-cut strategy has excelled. TSLA has slashed prices in markets including the United States, the UK and China to gain an edge over rivals.
What’s in Store This Earnings Season?
Tesla is set to release its second-quarter earnings on Jul 19, 2023, after market close. Currently, TSLA has a Zacks Rank #3 (Hold) and an Earnings ESP of +2.97%. You can see the complete list of today’s Zacks #1 Rank stocks here.
According to our methodology, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 increases the chances of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
This electric car maker saw upward earnings estimate revision over the past 30 and 60 days for the to-be-released quarter. Four out of 11 analysts raised their estimates. Tesla’s current quarter earnings estimate is 83 cents, up by three cents over the past month.
The company beat earnings estimates in the trailing four reported quarters, yielding an average earnings surprise of 11.71%. Tesla is expected to post earnings and revenue growth of 9.21% and 46.95%, respectively, for the to-be-reported quarter.
What Do Analysts Say?
Out of 25 analysts who conferred ratings on Tesla, 28% gave a Strong But Rating and four gave a Buy rating. As many as 14 analysts gave the stock a Hold rating, while only three analysts went for a Sell recommendation.
What Does Technical Analysis Say?
From a technical standpoint, Tesla was at 281.38 as on Jul 14, 2023, comfortably above its 10-day, 50-day and 200-day simple moving averages of 274.57, 223.95 and 204.28, respectively, at the time of writing. The rise of the 50-day moving average above the 200-day moving average is known as a golden cross, which implies bullish sentiment.
ETFs in Focus
Against this backdrop, if you have faith in Tesla, you may track Tesla-heavy ETFs like Meet Kevin Pricing Power ETF (PP - Free Report) , Consumer Discretionary Select Sector SPDR Fund (XLY - Free Report) , Fidelity MSCI Consumer Discretionary Index ETF (FDIS - Free Report) and ARK Autonomous Technology & Robotics ETF (ARKQ - Free Report) .