Tesla stock closed lower as market rose, with future earnings and revenue expected to decline

From Nasdaq: 2024-06-03 17:45:23

Tesla closed at $176.29, down 1.01%, trailing the S&P 500’s gain. Over the last month, Tesla shares fell 1.72%, outperforming the Auto-Tires-Trucks sector. Future earnings estimates for Tesla predict a 34.07% decline in EPS compared to last year, with revenue expected to decline by 0.12%.

Analysts forecast Tesla’s full-year earnings at $2.47 per share and $99 billion in revenue, representing a -20.83% and +2.3% change from the previous year, respectively. Recent estimate revisions can indicate near-term trends in the company’s business and profitability, influencing share price momentum. Tesla currently has a Zacks Rank of #3 (Hold).

Tesla’s Forward P/E ratio is 72.15, trading at a premium compared to the industry average of 13.01. The PEG ratio stands at 3.34, higher than the industry average of 1.39. The Auto-Tires-Trucks sector, which includes Tesla, ranks 43 out of 250+ industries, indicating its relative strength.

Zacks experts have identified a promising stock with the potential to double in value in the coming months. This little-known chemical company has seen a 65% increase over the past year and has strong earnings estimates. Retail investors may see significant upside in this stock, potentially surpassing other recent high-performing stocks like Boston Beer Company and NVIDIA.

Read more at Nasdaq: Tesla (TSLA) Stock Slides as Market Rises: Facts to Know Before You Trade