Zacks Research Weighs in on Tesla, Inc.’s Q2 2024 Earnings (NASDAQ:TSLA)

Tesla, Inc. (NASDAQ:TSLA) – Equities researchers at Zacks Research cut their Q2 2024 EPS estimates for Tesla in a research report issued on Tuesday, May 7th. Zacks Research analyst R. Singhi now anticipates that the electric vehicle producer will post earnings per share of $0.50 for the quarter, down from their previous forecast of $0.68. The consensus estimate for Tesla’s current full-year earnings is $1.89 per share. Zacks Research also issued estimates for Tesla’s Q3 2024 earnings at $0.47 EPS, Q4 2024 earnings at $0.52 EPS, FY2024 earnings at $1.83 EPS, Q1 2025 earnings at $0.53 EPS, Q2 2025 earnings at $0.60 EPS, Q3 2025 earnings at $0.64 EPS, Q4 2025 earnings at $0.58 EPS, FY2025 earnings at $2.35 EPS, Q1 2026 earnings at $0.62 EPS and FY2026 earnings at $3.10 EPS.

TSLA has been the subject of several other research reports. Jefferies Financial Group reduced their price target on shares of Tesla from $185.00 to $165.00 and set a “hold” rating for the company in a report on Wednesday, April 10th. TD Cowen lowered their target price on Tesla from $200.00 to $180.00 and set a “market perform” rating for the company in a report on Thursday, January 25th. Mizuho cut their price target on Tesla from $195.00 to $180.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. Bank of America upgraded Tesla from a “neutral” rating to a “buy” rating and set a $220.00 price objective for the company in a research note on Wednesday, April 24th. Finally, Daiwa Capital Markets lowered Tesla from an “outperform” rating to a “neutral” rating and cut their target price for the company from $245.00 to $195.00 in a research note on Tuesday, February 6th. Eight research analysts have rated the stock with a sell rating, seventeen have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $185.90.

Tesla Stock Performance

TSLA stock opened at $168.47 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.72 and a quick ratio of 1.17. Tesla has a 1-year low of $138.80 and a 1-year high of $299.29. The business has a 50-day moving average price of $171.29 and a 200 day moving average price of $203.59. The company has a market capitalization of $537.28 billion, a P/E ratio of 42.98, a PEG ratio of 4.74 and a beta of 2.41.

Insider Activity at Tesla

In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $204.17, for a total value of $2,143,785.00. Following the sale, the senior vice president now directly owns 31,230 shares of the company’s stock, valued at $6,376,229.10. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Tesla news, Director Robyn M. Denholm sold 93,706 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $194.73, for a total value of $18,247,369.38. Following the sale, the director now directly owns 15,000 shares of the company’s stock, valued at $2,920,950. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Andrew D. Baglino sold 10,500 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $204.17, for a total transaction of $2,143,785.00. Following the sale, the senior vice president now directly owns 31,230 shares in the company, valued at $6,376,229.10. The disclosure for this sale can be found here. Insiders have sold a total of 302,803 shares of company stock valued at $56,124,840 in the last ninety days. Company insiders own 25.10% of the company’s stock.

Institutional Investors Weigh In On Tesla

Hedge funds have recently modified their holdings of the company. Mount Vernon Associates Inc. MD boosted its stake in shares of Tesla by 5.3% during the 4th quarter. Mount Vernon Associates Inc. MD now owns 6,940 shares of the electric vehicle producer’s stock worth $1,724,000 after acquiring an additional 350 shares in the last quarter. Oak Ridge Investments LLC raised its position in shares of Tesla by 4.6% during the 3rd quarter. Oak Ridge Investments LLC now owns 32,230 shares of the electric vehicle producer’s stock worth $8,065,000 after purchasing an additional 1,405 shares during the last quarter. Corient Private Wealth LLC raised its position in shares of Tesla by 3.7% during the 3rd quarter. Corient Private Wealth LLC now owns 728,615 shares of the electric vehicle producer’s stock worth $182,352,000 after purchasing an additional 25,943 shares during the last quarter. J.W. Cole Advisors Inc. raised its position in shares of Tesla by 16.6% during the 4th quarter. J.W. Cole Advisors Inc. now owns 46,414 shares of the electric vehicle producer’s stock worth $11,533,000 after purchasing an additional 6,615 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in shares of Tesla by 11.8% during the 4th quarter. Nordea Investment Management AB now owns 776,765 shares of the electric vehicle producer’s stock worth $193,935,000 after purchasing an additional 81,729 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

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.