The world’s most valuable automaker Tesla (TSLA) is set to announce its second-quarter 2020 financial results today, Wednesday, July 22 after the markets close. $TSLA shares started this week on a positive note, the stock climbed from $1,500 to $1,643 more than 9% on Monday. While on Tuesday the shares closed 5% lower after investment bank JMP Securities is out with a rating downgrade for Tesla. Based on the company's closing price yesterday, Tesla has a $290 billion market capitalization.
Wall Street’s revenue consensus for Tesla during the first quarter is $5.146 billion and the earnings per share, the Wall Street consensus is a loss of $0.14 per share for the quarter. For the quarter ended in March, Tesla reported that revenue increased by 32% year-over-year to $5.9bn. If Tesla reports another quarterly profit today, as is widely expected, the company will have cleared the last big hurdle for entry into the S&P 500.
Vehicle deliveries will remain crucial for the electric vehicle maker this year. The company already released its Q2 2020 numbers confirming that it delivered 90,650 cars and produced ‘over 82,000 vehicles’ between April and June.
Currently, Tesla’s share price is up 276% so far this year and the shares have continued to rise in value nearly every day for the past few months. Tesla officially surpassed Toyota to become the most valuable car company in the world in June and the CEO, Elon Musk’s wealth officially climbed to 9th place on the world's richest list.
Today the investors and traders will closely monitor the electric carmaker’s Q2 earnings and its global expansion plans. On Tuesday, the Tesla stock closed below the psychological level of $1600. Considering Tesla is a volatile stock and if the company reports strong results today there are chances the stock can rally to previous record high price of $1,794 last achieved on July 13th, 2020. On the other hand, if the price break below $1550, the next level to watch $1500 followed by $1440.
Read more- https://gulfbrokers.com/en/tesla-earnings-today-who-will-win-the-bulls-or-the-bears