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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Tesla, Inc.    TSLA

TESLA, INC.

(TSLA)
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Tesla loses more than combined GM, Ford market value

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09/08/2020 | 11:58pm EDT
The Tesla logo is seen on a car in Los Angeles

Tesla Inc shed about $80 billion of its market value on Tuesday, an amount that overshadows the combined value of General Motors Co and Ford Motor Co, after its surprise exclusion from the S&P 500 index.

Tesla's shares recorded their worst single-day percentage drop ever and added to the broader sell-off in technology stocks, which have dominated Wall Street's recovery from the coronavirus-driven crash earlier this year.

The stock closed 21.06% lower, while fellow electric automaker Nikola Corp jumped more than 40% after General Motors said it was acquiring an 11% stake in the company.

Wall Street analysts and investors widely expected Tesla to join the S&P 500 after the company posted its fourth consecutive profitable quarter in July, clearing a major hurdle for its potential inclusion in the benchmark stock index.

In a surprise announcement, the S&P Dow Jones Indices decided to add online craft seller Etsy Inc, semiconductor equipment maker Teradyne Inc and pharmaceutical technology company Catalent Inc to the S&P 500 instead.

"On the one hand, the slide in the share price is due to its non-inclusion in the S&P 500, but on the other hand the slide is also a normalization of the company's valuation," Frank Schwope, an analyst at NORD/LB, said.

Tesla's inclusion in the S&P 500 index would have required a lot of funds to buy its shares. Credit Suisse analyst Dan Levy said the exclusion likely reflects the challenges in adding a company of Tesla's size to the index.

Bets against Tesla's stock have also increased slightly over the last month, according to financial analytics firm S3 Partners.

On Tuesday morning, short interest in Tesla was $25.03 billion, with about 8.10% of its outstanding shares shorted.

Tesla's recent stock rally has been driven by its blockbuster quarterly results and on bets it would be added to the S&P 500, which would trigger massive demand for its shares from index funds that track the benchmark.

By Subrat Patnaik


Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.52% 26659.11 Delayed Quote.-6.59%
NASDAQ 100 1.87% 11350.743252 Delayed Quote.32.82%
NASDAQ COMP. 1.64% 11185.592838 Delayed Quote.27.40%
NIKOLA CORPORATION 0.61% 19.79 Delayed Quote.91.77%
S&P 500 1.19% 3310.11 Delayed Quote.2.46%
TESLA, INC. 1.18% 410.83 Delayed Quote.391.04%
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Financials (USD)
Sales 2020 30 724 M - -
Net income 2020 1 241 M - -
Net cash 2020 1 780 M - -
P/E ratio 2020 332x
Yield 2020 -
Capitalization 389 B 389 B -
EV / Sales 2020 12,6x
EV / Sales 2021 8,76x
Nbr of Employees 48 016
Free-Float 79,9%
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Technical analysis trends TESLA, INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 38
Average target price 368,84 $
Last Close Price 410,83 $
Spread / Highest target 40,7%
Spread / Average Target -10,2%
Spread / Lowest Target -80,5%
EPS Revisions
Managers
NameTitle
Elon Reeve Musk Chief Executive Officer & Director
Robyn M. Denholm Chairman
Zachary Kirkhorn Chief Financial Officer
Kimbal Musk Director
Ira M. Ehrenpreis Independent Director
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