Tesla dropped by 2.62% and closed the session at $255.7
- The volume of trade was 118.42 million shares, close to the daily average of 119.20 million shares.
- Tesla has dropped $13.45 over the past 6 days; yesterday's session continued this downtrend.
Having set a significant low of $108.1 8 months ago, Elon Musk's EV company is trading 142.91% higher.
The Nasdaq has been doing worse in 2023, passing it by 108.12%.
Tesla's market cap currently stands at $811.59 billion
the volume of trade was 118.42 million shares, close to the daily average of 119.20 million shares.
Tesla expected revenue of $24.48 billion with an EPS of 82 cents.
In comparison to previous filings, some of Tesla's indicators seem to be doing better than others; its overall fundamentals are slightly under the competition average.
Price to sales ratio has improved from 9.96 to 9.43, but remains below the industry average. When analyzing Tesla's indicators, the one that stands out as most significant is the company's Price-To-Earnings ratio (PE) with 75.21. It is important to keep in mind that it has been on a downtrend recently, has suffered a drop from the previous report of 26.2 , and is still below the competition average. The Price-To-Earnings ratio is the ratio of a company's share price to its earnings per share. This helps investors and analysts find out whether a company is over or undervalued.
Fundamental analysis indicates that Tesla remains at a rating of 'Buy'.
Tesla was not the only decliner in the consumer discretionary sector; Amazon dips 4.41% yesterday to close at $135.29. McDonald's closed at $271.22 (down 2.16%). Nike went down 2.61%, closed at $94.04.
Tesla made an initial break below its 50 day Simple Moving Average at $256.03, a possible indication of a forthcoming negative trend. On the other hand, note that Tesla could begin to recover as it approaches significant support, now $2.71 away from $253. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Tesla to extend its recent losses.
REGION: United States ASSET: Tesla (TSLA) PREV. OPEN: $257.85 PREV. CLOSE: $255.7 PRE-MARKET: $253.52 TIME TO OPEN: 7 hours