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Tesla (TSLA - Free Report) shares have long been a favorite among investors, etching in an unbelievable 7000% again just over the last decade.
And as we’re all aware, Tesla’s dominant stance within the rapidly growing EV landscape has been the driver behind its incredible success.
Tesla shares are up more than 50% in 2023, widely outperforming the S&P 500 and rebounding nicely after a challenging 2022.
Image Source: Zacks Investment Research
However, shares faced adverse price action following the company’s investor day. Many had high hopes for the event, but no new products were revealed.
And this “no news” is what the market didn’t appreciate, with shares down more than 6% in early trading.
Still, there were some positive conversations discussed during the event, including –
Tesla claims it can produce 20 million cars annually by 2030 and confirmed plans for a Gigafactory Plant in Mexico. Although further details of the new Gigafactory weren’t revealed, it’ll represent the EV titan’s 5th plant.
How does everything else stack up for the EV giant? Let’s take a quick glance.
Quarterly Performance
Tesla posted better-than-expected top and bottom line results in its latest quarter, exceeding the Zacks Consensus EPS Estimate by more than 9% and posting revenue 2.5% ahead of expectations.
Image Source: Zacks Investment Research
Impressively, it represented the company’s eighth consecutive EPS beat.
In addition, Tesla delivered more than 405,000 EVs throughout its latest quarter, a quarterly record and modestly above our consensus estimate.
Valuation
Tesla shares are undoubtedly pricey, as that’s the price investors pay for growth. The company’s forward price-to-sales ratio (F1) presently sits at 6.3X, a few ticks below the five-year median.
Image Source: Zacks Investment Research
Further, the company’s TTM price-to-book sits at 14.1X, below the 16.4X five-year median.
Image Source: Zacks Investment Research
TSLA carries a Style Score of “D” for Value.
Bottom Line
Tesla shares suffered adverse price action following its investor day, with the company failing to impress the market.
Still, news of a new Gigafactory Plant in Mexico is undoubtedly a positive development, with the company also stating that it can produce 20 million cars annually by 2030.
Producing 20 million cars annually will certainly be no easy task, with many doubting the ambitious goal.
Currently, Tesla (TSLA - Free Report) is a Zacks Rank #3 (Hold).
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Checking In On Tesla Shares
Tesla (TSLA - Free Report) shares have long been a favorite among investors, etching in an unbelievable 7000% again just over the last decade.
And as we’re all aware, Tesla’s dominant stance within the rapidly growing EV landscape has been the driver behind its incredible success.
Tesla shares are up more than 50% in 2023, widely outperforming the S&P 500 and rebounding nicely after a challenging 2022.
Image Source: Zacks Investment Research
However, shares faced adverse price action following the company’s investor day. Many had high hopes for the event, but no new products were revealed.
And this “no news” is what the market didn’t appreciate, with shares down more than 6% in early trading.
Still, there were some positive conversations discussed during the event, including –
Tesla claims it can produce 20 million cars annually by 2030 and confirmed plans for a Gigafactory Plant in Mexico. Although further details of the new Gigafactory weren’t revealed, it’ll represent the EV titan’s 5th plant.
How does everything else stack up for the EV giant? Let’s take a quick glance.
Quarterly Performance
Tesla posted better-than-expected top and bottom line results in its latest quarter, exceeding the Zacks Consensus EPS Estimate by more than 9% and posting revenue 2.5% ahead of expectations.
Image Source: Zacks Investment Research
Impressively, it represented the company’s eighth consecutive EPS beat.
In addition, Tesla delivered more than 405,000 EVs throughout its latest quarter, a quarterly record and modestly above our consensus estimate.
Valuation
Tesla shares are undoubtedly pricey, as that’s the price investors pay for growth. The company’s forward price-to-sales ratio (F1) presently sits at 6.3X, a few ticks below the five-year median.
Image Source: Zacks Investment Research
Further, the company’s TTM price-to-book sits at 14.1X, below the 16.4X five-year median.
Image Source: Zacks Investment Research
TSLA carries a Style Score of “D” for Value.
Bottom Line
Tesla shares suffered adverse price action following its investor day, with the company failing to impress the market.
Still, news of a new Gigafactory Plant in Mexico is undoubtedly a positive development, with the company also stating that it can produce 20 million cars annually by 2030.
Producing 20 million cars annually will certainly be no easy task, with many doubting the ambitious goal.
Currently, Tesla (TSLA - Free Report) is a Zacks Rank #3 (Hold).