Tesla could report record Q2 deliveries - will shares get a jolt?
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Tesla (NASDAQ:TSLA) is expected to post a record when it reports on Q2 deliveries sometime during the first few days of July.
The electric vehicle maker is forecast by analysts to report a deliveries tally of 445K, with about 155K of the vehicles coming out of China. The consensus deliveries estimate has been moving higher over the last few weeks.
Last year, Tesla (TSLA) delivered 255K vehicles during Q2, while last quarter the Austin-based automaker delivered 422,875 vehicles to edge past the consensus expectation for 421.2K deliveries. The Q1 quarterly tally included 412,180 Model 3/Model Y vehicles and 10,695 Model S/Model X vehicles. The electric vehicle maker produced 440,808 vehicles during the quarter. Both the production and delivery numbers were subject to an operating lease accounting shift of 5%.
Piper Sandler has one of the highest estimates on the Street with a Q2 deliveries target of 469K, although the firm expects a muted reaction. "Regardless of the outcome this weekend, we wouldn't be surprised to see profit-taking in the coming months, given the stock's recent outperformance, as well as the likelihood of operational hiccups," warned analyst Alexander Potter. While shares of Tesla (TSLA) typically rally when quarterly deliveries top expectations, other analysts have also warned that margin concerns could keep the EV stock in check this time around.
Looking further ahead, Wedbush Securities analyst Dan Ives forecasts Tesla (TSLA) is on track to hit its 1.8M unit delivery bogey for the full year.
Shares of Tesla (TSLA) rose 0.40% in premarket trading on Friday to $258.52. The EV stock is up 29% over the last six weeks and is swapping hands more than 30% higher than the 200-day moving average.
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