Zacks Research Comments on Tesla, Inc.’s Q1 2023 Earnings (NASDAQ:TSLA)

Tesla, Inc. (NASDAQ:TSLAGet Rating) – Research analysts at Zacks Research lowered their Q1 2023 EPS estimates for Tesla in a report released on Tuesday, January 17th. Zacks Research analyst R. Singhi now expects that the electric vehicle producer will post earnings of $0.99 per share for the quarter, down from their previous estimate of $1.01. The consensus estimate for Tesla’s current full-year earnings is $3.60 per share. Zacks Research also issued estimates for Tesla’s Q2 2023 earnings at $0.98 EPS, FY2023 earnings at $4.07 EPS, Q2 2024 earnings at $1.11 EPS and FY2024 earnings at $4.77 EPS.

Tesla (NASDAQ:TSLAGet Rating) last posted its quarterly earnings results on Wednesday, October 19th. The electric vehicle producer reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.08. Tesla had a net margin of 14.95% and a return on equity of 31.10%. The company had revenue of $21.45 billion for the quarter, compared to analysts’ expectations of $21.96 billion. During the same quarter in the previous year, the firm posted $0.48 EPS. Tesla’s revenue was up 55.9% on a year-over-year basis.

TSLA has been the subject of several other research reports. Bank of America cut their price target on Tesla from $135.00 to $130.00 and set a “neutral” rating for the company in a research note on Tuesday. Truist Financial lowered their price target on shares of Tesla from $348.00 to $299.00 and set a “buy” rating on the stock in a research report on Tuesday, January 3rd. Cowen cut their price objective on shares of Tesla from $244.00 to $205.00 and set a “market perform” rating for the company in a report on Thursday, October 20th. Robert W. Baird lowered their target price on shares of Tesla from $316.00 to $252.00 and set an “outperform” rating on the stock in a report on Wednesday, December 28th. Finally, Daiwa Capital Markets cut their price target on Tesla from $240.00 to $177.00 and set an “outperform” rating for the company in a report on Tuesday, December 20th. Six investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $218.29.

Tesla Price Performance

Shares of NASDAQ TSLA opened at $133.42 on Friday. The firm has a market cap of $421.31 billion, a price-to-earnings ratio of 41.22, a price-to-earnings-growth ratio of 0.95 and a beta of 2.02. The stock has a fifty day simple moving average of $150.72 and a two-hundred day simple moving average of $222.02. The company has a current ratio of 1.46, a quick ratio of 1.04 and a debt-to-equity ratio of 0.05. Tesla has a 1-year low of $101.81 and a 1-year high of $384.29.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Tesla by 212.2% in the third quarter. Vanguard Group Inc. now owns 213,024,517 shares of the electric vehicle producer’s stock valued at $56,504,752,000 after acquiring an additional 144,784,989 shares in the last quarter. State Street Corp increased its position in shares of Tesla by 213.5% during the third quarter. State Street Corp now owns 99,647,239 shares of the electric vehicle producer’s stock valued at $26,431,430,000 after buying an additional 67,859,515 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Tesla by 229.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 46,956,884 shares of the electric vehicle producer’s stock worth $12,493,433,000 after buying an additional 32,723,798 shares in the last quarter. Jennison Associates LLC lifted its holdings in Tesla by 200.2% in the third quarter. Jennison Associates LLC now owns 29,557,607 shares of the electric vehicle producer’s stock worth $7,840,155,000 after buying an additional 19,711,687 shares during the period. Finally, Baillie Gifford & Co. grew its holdings in shares of Tesla by 196.4% during the 3rd quarter. Baillie Gifford & Co. now owns 27,876,833 shares of the electric vehicle producer’s stock worth $7,394,330,000 after acquiring an additional 18,472,529 shares during the period. Institutional investors own 43.00% of the company’s stock.

Insider Activity

In other news, CAO Vaibhav Taneja sold 3,768 shares of the business’s stock in a transaction dated Tuesday, December 6th. The stock was sold at an average price of $178.07, for a total value of $670,967.76. Following the completion of the sale, the chief accounting officer now owns 95,785 shares of the company’s stock, valued at approximately $17,056,434.95. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CAO Vaibhav Taneja sold 3,768 shares of Tesla stock in a transaction on Tuesday, December 6th. The shares were sold at an average price of $178.07, for a total value of $670,967.76. Following the transaction, the chief accounting officer now directly owns 95,785 shares of the company’s stock, valued at $17,056,434.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Zachary Kirkhorn sold 3,751 shares of the stock in a transaction on Friday, November 4th. The shares were sold at an average price of $222.50, for a total transaction of $834,597.50. Following the sale, the chief financial officer now directly owns 185,276 shares of the company’s stock, valued at approximately $41,223,910. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,172,833 shares of company stock valued at $4,492,567,309. 25.10% of the stock is currently owned by insiders.

Tesla Company Profile

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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.

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Earnings History and Estimates for Tesla (NASDAQ:TSLA)

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