Tesla Q3 Deliveries 'Step In The Right Direction': Analyst Says More 'Heavy Lifting' Needed From Elon Musk To Turn Growth Story Around
- by Benzinga.com
- Oct 02, 2024
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Chris Katje, Benzinga Staff Writer
October 2, 2024 12:21 PM
| 4 min read Read Also: Tesla Model Y Could End Ford’s Long Reign As America’s Top-Selling Vehicle: Will 2024 Be The Year?
Gene Munster on Tesla: With Tesla stock up 14% over the last two weeks ahead of third-quarter delivery figures, Deepwater Asset Management managing partner Gene Munster believes the declining share price Wednesday is related to a "buy on the rumor, sell on the news" trading philosophy.
"I don't believe the drop in shares is because they missed the whisper numbers," Munster tweeted.
Munster said Wednesday's delivery report was positive "because this marks the return to delivery growth for the first time in nine months."
Tesla's figures come as the automotive market is seeing headwinds and CEO Musk's political speak may have been negative for the stock, Munster said.
Munster said he has concerns for next year's estimates, which could be "highly dependent" on the timing of a new vehicle launch.
Sawyer Merritt on Tesla: Popular Tesla influencer Sawyer Merritt shared that Tesla's third-quarter deliveries may have been a beat or a miss depending on which consensus estimates were used.
Some data included estimates from 12 analysts, while Tesla's investor relations estimate compiled data from 28 analysts.
"Long term, whether Tesla's Q3 delivery numbers were slightly above expectations by 0.19% or fell short by 0.4% is relatively unimportant," Merritt said. "What truly matters is whether FSD is improving and if miles driven per necessary intervention are increasing. All eyes now on the Oct. 10 event."
What's Next: Tesla hosts its Robotaxi Day in California on Oct. 10.
The company will report third-quarter financial results on Oct. 23. Analysts expect the company to report revenue of $25.57 billion, up from $24.93 billion in last year's third quarter, according to data from Benzinga Pro.
Analysts expect the company to report earnings of 59 cents per share in the third quarter, down from 66 cents in last year's third quarter.
Tesla has beaten earnings per share from analysts in four straight quarters, while missing revenue estimates in three of the past four quarters.
TSLA Price Action: Tesla stock is down 3.08% to $250.07 on Wednesday versus a 52-week trading range of $138.80 to $271. Tesla stock is up 0.5% year-to-date in 2024.
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