Tesla (TSLA) Stock Dips While Market Gains: Key Facts

Tesla (TSLA) ended the recent trading session at $340.48, demonstrating a -2.35% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 1.11%. Elsewhere, the Dow gained 1.19%, while the tech-heavy Nasdaq added 1.43%. Prior to today's trading, shares of the electric car maker had gained 2.75% outpaced the Auto-Tires-Trucks sector's gain of 0.34% and lagged the S&P 500's gain of 3.92%.Market participants will be closely following the financial results of Tesla in its upcoming release. The company's earnings per share (EPS) are projected to be $0.43, reflecting a 17.31% decrease from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $23.5 billion, showing a 7.84% drop compared to the year-ago quarter. In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.89 per share and a revenue of $96.69 billion, indicating changes of -21.9% and -1.03%, respectively, from the former year. It's also important for investors to be aware of any recent modifications to analyst estimates for Tesla. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential. Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system. The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.65% higher within the past month. Tesla is holding a Zacks Rank of #5 (Strong Sell) right now. Looking at its valuation, Tesla is holding a Forward P/E ratio of 184.04. This represents a premium compared to its industry average Forward P/E of 11.45. It is also worth noting that TSLA currently has a PEG ratio of 9.68. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Automotive - Domestic industry currently had an average PEG ratio of 1.14 as of yesterday's close. The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry, currently bearing a Zacks Industry Rank of 209, finds itself in the bottom 16% echelons of all 250+ industries. The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions. Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>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 ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks