Shares of Tesal (TSLA) were so beaten over the next couple months that even disappointing earnings news has led to a relief bounce for the bulls today.
Tesla reported first-quarter revenue of $21.301 billion, missing the consensus estimate of $22.151 billion, according to Benzinga Pro. The company reported adjusted earnings of 45 cents per share, which missed estimates for earnings of 51 cents per share.
Relief Gap...
Tesla shares are trading 12% higher at the time of this post. So much bad news was already baked into this stock it was almost inevitably that we saw relief in the downward price action after earnings came out.
As the saying goes, buy the rumor sell the news. I'd gander a guess alot of short sellers booked profits today.
This stock and company certainly isn't out of the woods as its cost cleanup (layoffs, etc.) and push toward new potential products (lower priced model, robotaxi, etc) are in the early stages.
Posted Using InLeo Alpha