Tesla Stock Takes 6% Post-Earnings Dive—Here’s Why Some Say Its $860 Billion Valuation Is ‘Disconnected From Reality’
Marijuana Stocks, Finance, & InvestingUncategorized July 24, 2023 MJ Shareholders
Story by Derek Saul, Forbes Staff
Topline
Tesla stock slid Thursday after the electric vehicle company delivered an earnings report which largely exceeded headline expectations, as pessimistic warnings grow louder about whether the company’s recent 150% stock surge was warranted.
Key Facts
Tesla’s $24.9 billion in sales and $0.91 earnings per share for the second quarter beat consensus forecasts, but its Wednesday afternoon report demonstrated why its stock is “egregiously overvalued” at its $273 ticker, Roth analyst Craig Irwin told Yahoo Finance, sharing his $85 price target for the company.
Shares of Tesla slipped more than 6% in early Thursday trading, set for its worst day in three months.
Tesla reported its lowest operating income since 2021 as vehicle profit margins slumped to a multiyear low of 18.1%, amplifying concerns about its ability to continue on its path of astronomical financial growth…
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