Benzinga - by Surbhi Jain, .
Tesla Inc (NASDAQ:TSLA) will report first-quarter earnings on April 23 after market hours.
Wall Street expects 51 cents in EPS and $21.27 billion in revenues.
The stock is:
- Down over 40% so far this year
- Down about 18.57% over the past year
- Recorded a new 52-week low of $146.22 on April 19; shares close at $147.05.
Tesla Challenges: Layoffs are among the recent reasons Tesla stock is down. The Austin, Texas-based company is also in a price war in China where its price reduction tactic, to combat Chinese EV makers, has impacted margins.
Here's how the stock is technically placed and how it maps against Wall Street estimates, ahead of Q1 earnings.
Tesla’s stock is currently experiencing a strongly bearish trend, with the share price below its 5, 20, and 50-day simple moving averages, indicating significant selling pressure and suggesting a risk of further bearish movement.
Chart: Benzinga Pro
Read More: Tesla Slides 4% Amid Plans For Layoffs, Pre-Earnings Jitters: Stock Chart Reveals Strong Bearish Trend
With a price of $144.01, falling below the five-day simple moving average of 150.71 and the 20-day SMA of 166.72, Tesla displays clear bearish signals.
Moreover, the stock’s price is below the 50-day simple moving average of 177.75 and the 200-day SMA of $224.98, reinforcing the bearish sentiment.
Chart: Benzinga Pro
The Moving Average Convergence Divergence (MACD) indicator stands at -8.03, indicating a strongly bearish recommendation, while the Relative Strength Index (RSI) of 28.32 suggests oversold conditions.
Bollinger Bands also have the price lower than its lower band, indicating deep bearish territory.
Tesla Analysts Expect A Turnaround
The consensus analyst rating on Tesla stock stands at a Neutral currently with a price target of $175.31. However, this is based on 100 previous ratings on the stock.The three most recent ratings were received April 17 onwards from Wedbush, Deutsche Bank, and Baird. With an average price target of $234.33, there’s an implied 63.24% upside for Tesla Inc from these 3 analyst ratings.
Despite the current strongly bearish momentum and setup for Tesla stock, analysts appear to be expecting a turnaround.
Price Action: Tesla stock closed the trading day of April 19 at $147.05, down 1.92% for the day.
Read Next: Tesla FSD Is Now Nearly 50% Cheaper Than When Elon Musk Called It ‘Very Low’ Just Under A Year Ago
Pixabay Image: Tesla, Bear, edited via Canva
Latest Ratings for TSLA
| Feb 2022 | Daiwa Capital | Upgrades | Neutral | Outperform |
| Feb 2022 | Piper Sandler | Maintains | Overweight | |
| Jan 2022 | Credit Suisse | Upgrades | Neutral | Outperform |
View the Latest Analyst Ratings
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