Tesla on Wednesday evening announced first-quarter deliveries that fell short of expectations, sending shares down almost 9%.
shares were down almost 9% Thursday morning after the company's first-quarter deliveries fell short of expectations.in the first quarter, missing the 64,000 vehicles that analysts surveyed by Bloomberg were expecting and down 31% versus the fourth quarter. The breakdown was 50,900 Model 3 sedans and 12,100 Model S and Model X vehicles.
The sharp drop in deliveries didn't go over so well on Wall Street, with the RBC analyst Joseph Spak suggesting the miss could"translate into a ~$1bn+ revenue miss." The JPMorgan analyst Ryan Brinkman put out a note titled"5 Reasons Why Tesla's 1Q Deliveries Report Is So Negative" and slashed his price target to $200 a share from $215.
The negative reaction from Wall Street put pressure on Tesla shares, sending them below the $270 mark ahead of Thursday's opening bell. Traders will now be watching the $250 support closely, as shares have not closed below there since March 2017.At the end of February, the electric-car maker announced the heavily anticipated debuted of its $35,000 Model 3 sedan and said it would be shutting down most of its retail stores.
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