Tesla has supplanted nVidia as the top attention-getter for investors, especially those speculating through options. Tesla accounts for 17%of all S&P 500 single stock options traded, according to Goldman Sachs. There are two major catalysts on the near-term horizon- Q3 deliveries to be reported on October 2nd and the highly anticipated Robotaxi event on October 10th after it was delayed from earlier this year.
Q3 deliveries are expected to be in the 455-470k region with a Factset consensus of 464k and a Visible Alpha consensus of 458k. China has been seen as a source of strength in the quarter, while Europe remains weak. The buy-side expectations appear more bullish than the sell-side, likely in the465-480k range.
The Robotaxi event was initially scheduled for August 8th but was postponed to October 10th for the company to have more time to build additional prototypes. After announcing the delay, the stock topped at $275, only to shed 35% in under a month on the disappointment. But with the event on the near-term horizon, the buzz has returned about the Robotaxi unveiling, with some also speculating that they could show the new low-cost model that is expected to ship next year.
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