Tesla Stock Plunges Premarket, Eyes 8-Month Low After Q4 Letdown: Key Levels To Watch (CORRECTED)
Portfolio Pulse from Shanthi Rexaline
Tesla, Inc. (NASDAQ:TSLA) shares dropped in premarket trading to an 8-month low following a Q4 earnings report that missed analyst expectations. The company reported non-GAAP earnings of 71 cents per share and revenue of $25.17 billion, both below consensus estimates. Tesla's core auto gross margin outperformed expectations, but the company warned of potentially lower vehicle volume growth in 2024. Technical analysis suggests a breach of the $207.5 level could lead to further declines, with support zones at $193 and $172. The stock is trading below its 50- and 200-day moving averages, but the RSI indicates oversold conditions.
January 25, 2024 | 12:05 pm
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Tesla's Q4 earnings miss and lower growth forecast for 2024 have led to a premarket stock price drop, signaling potential short-term bearishness.
The premarket drop in Tesla's stock price is a direct reaction to the Q4 earnings miss and the company's guidance indicating potentially lower growth in 2024. This news is likely to negatively impact investor sentiment in the short term. The technical analysis pointing to a breach of crucial support levels further supports a bearish outlook. However, the oversold RSI could indicate a potential rebound, which tempers the confidence score slightly.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100