Zacks Research Has Pessimistic View of Tesla FY2024 Earnings

Tesla, Inc. (NASDAQ:TSLA) – Equities research analysts at Zacks Research reduced their FY2024 earnings per share estimates for shares of Tesla in a report issued on Thursday, January 23rd. Zacks Research analyst R. Singhi now forecasts that the electric vehicle producer will post earnings of $1.96 per share for the year, down from their previous estimate of $2.06. The consensus estimate for Tesla’s current full-year earnings is $2.01 per share. Zacks Research also issued estimates for Tesla’s Q4 2024 earnings at $0.58 EPS, Q4 2025 earnings at $0.66 EPS, FY2025 earnings at $2.78 EPS, Q2 2026 earnings at $0.89 EPS, Q4 2026 earnings at $0.83 EPS and FY2026 earnings at $3.56 EPS.

Several other research firms have also recently commented on TSLA. Glj Research reaffirmed a “sell” rating and issued a $24.86 price objective on shares of Tesla in a research report on Friday, January 3rd. Sanford C. Bernstein reissued an “underperform” rating and issued a $120.00 target price on shares of Tesla in a research report on Thursday, October 3rd. Bank of America downgraded Tesla from a “buy” rating to a “neutral” rating and upped their price target for the stock from $400.00 to $490.00 in a research report on Tuesday, January 7th. New Street Research raised shares of Tesla from a “neutral” rating to a “buy” rating and set a $460.00 price objective on the stock in a research report on Monday, January 6th. Finally, Wells Fargo & Company lifted their price target on shares of Tesla from $120.00 to $125.00 and gave the company an “underweight” rating in a research note on Thursday, October 24th. Eight investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $313.84.

Tesla Stock Performance

Shares of TSLA opened at $398.31 on Monday. The firm has a market cap of $1.28 trillion, a P/E ratio of 109.13, a PEG ratio of 8.42 and a beta of 2.30. Tesla has a twelve month low of $138.80 and a twelve month high of $488.54. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The firm’s 50 day moving average price is $399.99 and its two-hundred day moving average price is $295.57.

Institutional Trading of Tesla

A number of large investors have recently bought and sold shares of the business. Kathmere Capital Management LLC raised its position in Tesla by 5.9% in the second quarter. Kathmere Capital Management LLC now owns 1,247 shares of the electric vehicle producer’s stock worth $247,000 after acquiring an additional 70 shares during the period. Ascent Group LLC grew its holdings in Tesla by 29.8% during the second quarter. Ascent Group LLC now owns 12,854 shares of the electric vehicle producer’s stock valued at $2,544,000 after purchasing an additional 2,953 shares during the period. Aviso Wealth Management increased its position in Tesla by 0.6% in the second quarter. Aviso Wealth Management now owns 12,089 shares of the electric vehicle producer’s stock worth $2,392,000 after buying an additional 72 shares during the last quarter. Chicago Wealth Management Inc. lifted its position in shares of Tesla by 2.5% during the 2nd quarter. Chicago Wealth Management Inc. now owns 3,075 shares of the electric vehicle producer’s stock valued at $608,000 after buying an additional 75 shares during the last quarter. Finally, Buck Wealth Strategies LLC purchased a new stake in Tesla in the 2nd quarter worth about $357,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $251.76, for a total value of $1,007,040.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at approximately $26,442,856.32. This trade represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robyn M. Denholm sold 112,390 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the completion of the transaction, the director now owns 85,000 shares of the company’s stock, valued at approximately $26,727,400. This trade represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 617,886 shares of company stock valued at $212,451,751 over the last ninety days. 20.70% of the stock is owned by corporate insiders.

Tesla Company Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.