Tesla (TSLA - Free Report) closed at $303.15 in the latest trading session, marking a -0.65% move from the prior day. This change lagged the S&P 500's 0.44% loss on the day. At the same time, the Dow lost 0.53%, and the tech-heavy Nasdaq lost 0.26%.
Coming into today, shares of the electric car maker had gained 1.39% in the past month. In that same time, the Auto-Tires-Trucks sector lost 0.35%, while the S&P 500 gained 3.59%.
TSLA will be looking to display strength as it nears its next earnings release, which is expected to be November 7, 2018. On that day, TSLA is projected to report earnings of -$0.58 per share, which would represent year-over-year growth of 80.14%. Our most recent consensus estimate is calling for quarterly revenue of $5.76 billion, up 93.09% from the year-ago period.
TSLA's full-year Zacks Consensus Estimates are calling for earnings of -$6.60 per share and revenue of $19.66 billion. These results would represent year-over-year changes of +23.79% and +67.18%, respectively.
It is also important to note the recent changes to analyst estimates for TSLA. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 5.9% lower. TSLA currently has 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 81, putting it in the top 32% 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.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.