{"id":197879,"date":"2023-10-19T09:45:00","date_gmt":"2023-10-19T13:45:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=197879"},"modified":"2023-10-19T12:52:27","modified_gmt":"2023-10-19T16:52:27","slug":"tesla-stock-pulls-back-to-late-august-lows-whats-going-on","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/tesla-stock-pulls-back-to-late-august-lows-whats-going-on\/","title":{"rendered":"Tesla Stock Pulls Back To Late-August Lows: What’s Going On?"},"content":{"rendered":"\n

Shares of electric vehicle maker Tesla, Inc. <\/strong>fell over 5% in premarket trading on Thursday after the company\u2019s disappointing third-quarter earnings report.<\/a><\/p>\n\n\n\n

The company reported third-quarter adjusted earnings per share of $0.66, trailing the $0.72 per share consensus estimate. Revenue came in at $23.35 billion, undershooting Wall Street\u2019s consensus target of $24.1 billion. The weaker-than-expected revenue reflected the inelasticity of demand despite Tesla\u2019s string of price cuts and price discounting.<\/p>\n\n\n\n

More importantly, the auto gross margin, excluding regulatory credits, fell to 16.3% compared to an expected 17.7%.<\/p>\n\n\n\n

Future Fund\u2019s Gary Black <\/strong>said the quality of earnings was poor <\/a>as it came off higher regulatory credits, which adds 100% to the bottom line without any expenses, and a lower-than-expected tax rate.<\/p>\n\n\n\n

The management commentary also did not encourage investors despite the company confirming the Cybertruck <\/strong>launch data.<\/p>\n\n\n\n

Tesla bull Daniel Ives<\/strong> reduced the price target for Tesla stock from $350 to $310.<\/p>\n\n\n\n

\u201cIn a nutshell, we would characterize last night\u2019s conference call as a \u2018mini-disaster,’\u201d Ives said. Instead of commenting on the falling margins and the constant price cuts seen globally, Tesla CEO Elon Musk <\/strong>focused on higher interest rates, and FSD\/AI investments, and highlighted the difficult path for Cybertruck production over the next 12 to 18 months, he added.<\/p>\n\n\n\n

In premarket trading, Tesla stock fell 6.19% to $227.67, according to Benzinga Pro data.<\/a><\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted October 19, 2023 – Tesla Stock Pulls Back To Late-August Lows: What’s Going On?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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