Tesla stock is currently facing challenges as worries persist over the impact of a shutdown at the Giga Berlin factory on first-quarter deliveries. A suspected arson incident causing a power outage at the facility has resulted in a production pause until March 17, potentially leading to a loss of 9,000 units. Fund manager Gary Black believes this stoppage could impact Tesla’s delivery estimates for Q1 and 2024, which are currently below analyst consensus.
The stock has been trading lower, with premarket trading on Thursday showing a decline of 1.42% to $174.03. Analysts are cautious about Tesla’s outlook for 2024, citing concerns about declining margins and weak global demand. Morgan Stanley analyst Adam Jonas has lowered Tesla’s price target to $320 from $345 per share, pointing out challenges such as moderating EV demand and price reductions affecting profitability.
Jonas anticipates that Tesla will need to scale back its price reductions to protect margins and cash flow, but he expects a decrease in the company’s automotive gross margin for 2024. Overall, Tesla’s stock is under pressure due to various factors impacting its production and delivery estimates, leading to downward revisions by analysts and fund managers.
Tesla (TSLA) Stock Drops Significantly on March 7, 2024: What Investors Need to Know
On March 7, 2024, Tesla (TSLA) stock experienced a significant drop in price, continuing its downward trend. TSLA is currently trading near the bottom of its 52-week range and below its 200-day simple moving average, indicating a bearish outlook for the stock.
The price of TSLA shares decreased by $4.20 since the market last closed, representing a 2.32% drop from the previous day’s closing price of $176.54. Additionally, the stock has further declined by $3.95 in pre-market trading, signaling continued selling pressure and negative sentiment among investors.
This recent price movement suggests that TSLA may be facing challenges in the market, possibly due to concerns about its financial performance, competition in the electric vehicle industry, or broader market conditions. Investors should closely monitor these developments and consider the potential implications for their investment decisions.
Stock prices can be volatile and subject to sudden changes, so investors should exercise caution and conduct thorough research before making any trading decisions. Seeking advice from a financial advisor or conducting independent analysis can help investors navigate the complexities of the stock market and make informed choices about their investments.
Tesla (TSLA) Stock Performance: Strong Growth in Revenue, Net Income, and EPS on March 7, 2024
On March 7, 2024, Tesla (TSLA) stock performance was closely watched by investors and analysts as the company released its latest financial data. According to CNN Money, Tesla reported a total revenue of $96.77 billion over the past year, with $25.17 billion generated in the fourth quarter alone. In terms of net income, Tesla reported a total of $15.00 billion over the past year, with $7.93 billion earned in the fourth quarter. Earnings per share (EPS) for Tesla stood at $4.30 over the past year, with a fourth-quarter EPS of $2.27. Overall, Tesla’s financial performance on March 7, 2024, showed strong growth in total revenue, net income, and earnings per share compared to the previous year. The significant increase in EPS from the previous quarter could be seen as a positive sign for the company’s profitability and future growth potential. Investors and analysts will continue to closely monitor Tesla’s stock performance and financial results in the coming quarters to assess the company’s ability to sustain its growth and profitability.
