Tesla shares close lower on Monday, Model 3 sales in China shrink 64% in April, CPCA says

According to data by the China Passenger Car Association (CPCA), Tesla Inc (TSLA) sold 64% fewer Shanghai-made Model 3 sedans in China in April from a month ago, or 3,635 vehicles.

A total of 10,160 Model 3 sedans were sold in March compared with sales of 3,900 vehicles in February, the industry body said.

Tesla shares closed lower for the fifth time in the past ten trading sessions on NASDAQ on Monday. It has also been the steepest single-session loss since May 1st. The stock went down 0.99% ($8.13) to $811.29, after touching an intraday low at $785.82, or a price level not seen since May 7th ($772.54).

Shares of Tesla Inc have risen 93.94% so far in 2020 compared with a 6.48% gain for the benchmark index, Nasdaq 100 (NDX).

In 2019, Tesla’s stock went up 25.70%, thus, it underperformed the Nasdaq 100, which registered a 37.96% gain.

According to the CPCA, the US electric car maker produced more than 10,000 Model 3 sedans in Shanghai in April.

Usually, Tesla’s sales during the first month of every quarter are lower than those reported in the following two months.

Analyst stock price forecast and recommendation

According to CNN Money, the 30 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $632.50, with a high estimate of $1,100.00 and a low estimate of $240.00. The median estimate represents a 22.04% downside compared to the closing price of $811.29 on May 11th.

The same media also reported that at least 15 out of 33 surveyed investment analysts had rated Tesla Inc’s stock as “Hold”, while 8 – as “Sell”. On the other hand, other 8 analysts had recommended buying the stock.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News