Since Tesla announced its third-quarter earnings after trading hours Tuesday, the stock has dropped 20.9%.
After falling to less than $140 today, shares began to inch back up as investors perceived a bargain. But reports of a third Tesla Model S crash fire snuffed the mini-rally and the shares turned back down.
About 22.1 million shares were traded, a very big day for Tesla stock. Average lately has been 10 million, according to NASDAQ.
Barclays analyst Brian Johnson has been saying the right price is $141. He didn't issue any new advice to clients today.
Tesla shares had closed Wednesday at $151.16, which was down 14.5% from the previous day.
FIRES: Third fire in Tesla Model S reported
EARNINGS REPORT: Q3 results don't satisfy all
Tesla's founder and CEO, Elon Musk, said Oct. 24, "The stock price that we have is more than we have any right to deserve." That day, Tesla closed at $173.15 up 5%.
His comment knocked a few bucks off the price the next few days, but by Nov. 4, the day before the Q3 earnings report, it had topped the Oct. 24 trades.
Musk has declined to say if the latest thumping is an overreaction, or a smart correction.
Despite the recent declines, Tesla stock is up 313% this year.
On Tuesday, after the close of NASDAQ trading, Tesla said it made $16 million, or 12 cents a share, in the third quarter, using adjusted non-GAAP methods. That was a penny more than analysts expected.
Under GAAP, though, it posted a $38 million loss, or 32 cents a share. That was worse than the 25-cent loss analysts forecast.
The stock's 52-week high is $194.50, the low is $29.85.
No comments:
Post a Comment