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    ChatGPT-4o Anticipates Tesla Stock Price Post Q2 Earnings

    The time is nearing for earnings updates, with Tesla, a leading electric vehicle (EV) manufacturer listed on NASDAQ as TSLA, preparing to reveal its Q2 results.

    Of notable interest is the imminent announcement scheduled for June 23, shedding light on EV demand and recovery trends within the industry following a slow start to the year.

    Tesla’s market performance has been particularly noteworthy recently, witnessing monthly growth rates exceeding 30%. The TSLA stocks have successfully surpassed the $200 mark and are now aiming for $250. As of the latest market close, TSLA shares were valued at $239.

    Before the market opens, Tesla is showing positive signs during pre-market trading. The stock has risen by 2%, reaching $244.

    Projections indicate that Tesla might report earnings per share (EPS) of $0.61 for this quarter, a decrease from the previous year’s $0.91 for the same period, with expected revenues of $24.3 billion. While this suggests a more modest performance compared to previous quarters, the recent 31% surge in Tesla’s stock value over the past month hints at a level of optimism already priced in.

    The Q2 2024 figures for Tesla’s production and deliveries demonstrate strong performance, with 443,956 units delivered and 410,831 vehicles produced, representing a significant rise from Q1 2024. These numbers underscore Tesla’s consistent growth and bolster confidence in achieving the annual goal of 2 million EV deliveries.

    ChatGPT-4o’s Prediction on TSLA Stock

    To forecast the post-July 23 stock movements, Finbold sought insights from OpenAI’s advanced AI tool, ChatGPT-4o.

    As per the AI platform’s forecast, an earnings beat by Tesla could push the stock up by 3-5%, potentially reaching between $246 and $251. Positive guidance, particularly relating to the 2024 2 million delivery target, could further elevate the stock, possibly touching $255 or above.

    Conversely, falling short of EPS or revenue estimates may lead to a 5-8% decline, pulling the stock to around $220-$227. Any downward revisions to annual delivery targets or financial benchmarks could worsen the decline, pushing the stock below $220. Meeting expectations without surprises could result in minimal stock movement, within the range of $239-$244 (1-2%).

    ChatGPT-4o also highlighted that external economic shifts, such as changes in interest rates or economic data releases, could impact Tesla’s stock regardless of its earnings results. Announcements regarding Tesla’s technological advancements, new product launches, or market dynamics could also sway investor sentiment.

    Expert Insights on TSLA Stock

    Elsewhere, analysts at TrendSpider noted in a recent tweet on July 22 that Tesla has experienced a significant technical breakout, surpassing a critical resistance trendline, hinting at potential upward momentum.

    The weekly candlestick chart indicates that Tesla has broken through a long-established descending resistance trendline from late 2021, with an ascending triangle pattern reinforcing this positive outlook.

    However, caution is advised with the Relative Strength Index (RSI) at 98.8. A high RSI signalizes overbought conditions, indicating a possible short-term pullback or consolidation. Historically, such high RSI levels are unsustainable and could trigger price corrections.

    If Tesla maintains its position above the breached resistance level, key levels to watch are around $300 and $400. Conversely, the overbought RSI heightens the risk of a retracement, with potential support levels around $200 or lower.

    Overall, analysts hold a positive outlook on Tesla, regardless of the Q3 earnings outcome. Following the Q2 2024 production and delivery report, analysts have raised Tesla’s price target to $300.

    Image Source: Trygve Finkelsen / Shutterstock

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