U.S. Markets open in 3 hrs 35 mins

Tesla (TSLA) Dips More Than Broader Markets: What You Should Know

Zacks Equity Research
In the latest trading session, Canopy Growth Corporation (CGC) closed at $35.56, marking a +1.11% move from the previous day.

Tesla (TSLA) closed the most recent trading day at $230.34, moving -1.18% from the previous trading session. This change lagged the S&P 500's daily loss of 0.48%. At the same time, the Dow lost 0.43%, and the tech-heavy Nasdaq lost 0.78%.

Prior to today's trading, shares of the electric car maker had gained 13.18% over the past month. This has outpaced the Auto-Tires-Trucks sector's gain of 6.6% and the S&P 500's gain of 5.97% in that time.

Wall Street will be looking for positivity from TSLA as it approaches its next earnings report date. The company is expected to report EPS of -$0.63, up 79.41% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.38 billion, up 59.3% from the year-ago period.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$1.16 per share and revenue of $25.57 billion. These totals would mark changes of +12.78% and +19.14%, respectively, from last year.

Investors might also notice recent changes to analyst estimates for TSLA. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.57% higher. TSLA is currently a Zacks Rank #3 (Hold).

The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 102, which puts it in the top 40% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Tesla, Inc. (TSLA) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research