Tesla reports on July 22 and not only is the stock is up 317% since the bear market low in late March, but it's also up 51% in the past month to $1,507 and trading at an expensive valuation, at 120 times next year's earnings per share.
Here's what analysts are expecting for the quarter:
- Sales: $5 billion (-21% year-over-year)
- Gross Margin: 17%
- Deliveries: 81,000 (-14%)
- Company said it delivered 90,000
- EBITDA: $701 million
- Adjusted Net Loss Per Share: 14 cents
- Negative Free Cash Flow: $396 million
"What we need to keep in mind is that the factory in fremont was shut down for a significant portion of the quarter, about 7 weeks or so," said Rob Maurer, TheStreet's Tesla Maven and Head of Tesla Daily. "As we move forward to Q3 when they have a full quarter of production, we should see delivery numbers jump significantly from that 90,000 level, maybe even up to 150,000 for Q3."
More from Tesla Maven: Tesla Q2 Earnings Estimates & Preview
Underlying demand for electric vehicles has remained strong in 2020 despite the headwinds. As Tesla continue to manufacture, it should be business as usual.
The question now: how much more can the stock run in the near-term?
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