Tesla (TSLA) stock is higher by more than 9% in Tuesday's session after the electric vehicle (EV) maker disclosed its quarterly deliveries data.
In the second quarter of 2024, Tesla said it delivered 443,956 vehicles. While this was a 4.8% decrease from the 466,140 vehicles it delivered in the year-ago period, it was 14.8% more than the 386,810 vehicles it reported in Q1 2024.
What's more, the second-quarter deliveries topped analysts' expectations. According to CNBC, Wall Street expected Tesla to deliver 439,000 vehicles over the three-month period.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Tesla also said that its total vehicle production in the second quarter of 2024 was 410,831 vehicles. This was 14.3% lower than the 479,700 vehicles it produced in the year-ago period, and was also 5.2% below what it produced in Q1 of this year.
Is Tesla stock a buy, sell or hold?
Tesla has been the worst-performing Magnificent 7 stock so far in 2024, falling more than 7% for the year to date. It's also woefully lagged the S&P 500, which is up roughly 15%. However, the stock has rallied of late, gaining nearly 60% since its first-quarter earnings release on April 23.
Despite the consumer discretionary stock's recent run higher, Wall Street remains on the sidelines. According to S&P Global Market Intelligence, the average analyst target price for TSLA stock is $183.03, which is a discount of about 20% to current levels. Additionally, the consensus recommendation is a Hold.
Wells Fargo is one of the more bearish research firms, with a Sell rating and $120 price target, according to CNBC.
In a report released Monday, Wells Fargo analyst Colin Langan said his firm sees "declining delivery growth driven by lower demand and diminished return on price cuts," adding that there is a "likelihood of more price cuts and lower volumes" throughout the rest of 2024.
Wells Fargo's $120 price target represents a discount of about 48% to current levels.
Related Content
-
Why Uber Stock Is Volatile After GM's Cruise AnnouncementUber stock is swinging this week following news that General Motors is restructuring its Cruise unit. Here's what you need to know.
-
UnitedHealth Stock Falls as Lawmakers Eye Insurers, PBMsUnitedHealth stock is continuing to fall Thursday after the introduction of bipartisan legislation targeting PBMs and healthcare giants. Here's what to know.
-
Why Uber Stock Is Volatile After GM's Cruise Announcement
Uber stock is swinging this week following news that General Motors is restructuring its Cruise unit. Here's what you need to know.
-
Why Adobe Stock Is Down After Its Earnings BeatAdobe stock is lower Thursday despite the tech giant beating expectations for its fiscal 2024 fourth quarter. Here's what you need to know.
-
Three Possible Tax Impacts for Retirees Under TrumpHow might a second Trump term affect your tax bill in retirement — or the inheritance tax bill for your heirs? This pro has three predictions.
-
What to Know About Leverage and Bitcoin's Meteoric RiseLeverage in the financial world can lead to astonishing success or a crushing collapse. How are investors using leverage to invest in bitcoin?
-
How Do You Know When It's Time to Change Financial Advisers?Sometimes a breakup is for the best. Here's how to handle 'the talk' and make the switch to a new professional who's a better fit for you.
-
Stock Market Today: Tech Stocks Rally as CPI Supports Lower RatesAn inline inflation report sealed the deal for a December rate cut and sent the tech sector soaring.
-
CPI Report Casts Doubt on Rate Cuts in 2025: What the Experts Are Saying About InflationCPI November Consumer Price Index data sealed the deal for a December rate cut, but the outlook for next year is less certain.
-
The Best Utility Stocks to BuyUtility stocks are defensive plays for investors, offering stability and reliable dividends. Here, we look at how you can find the best ones to buy.
