Tesla Stock Set To Lose For 4th Straight Day? Fund Manager Warns Wall Street May Slash Q1 Delivery Estimates Soon

Tesla, Inc. TSLA shares were trading lower in premarket trading on Thursday, extending losses from declines in the previous three sessions.

This weakness possibly stems from concerns about the impact of a shutdown at the Giga Berlin factory on first-quarter deliveries. Suspected arson caused a power outage at the facility, reportedly forcing a production pause until March 17.

Future Fund’s Gary Black estimates the stoppage will cost Tesla 9,000 units of lost production. He maintains his previous delivery estimates – 425,000 units for Q1 and 2 million units for 2024 — citing the potential utilization of excess inventory in Europe. However, these estimates fall below the analyst consensus of 474,000 units and 2.09 million units for the respective periods.

These concerns add to existing analyst worries about potential underperformance in first-quarter deliveries. Black expects further downward revisions to delivery estimates by Wall Street in the coming weeks.

On Wednesday, Tesla opened at $179.99, down slightly from the previous close, and traded within a range of $173.70 to $181.58. The stock ultimately closed down 2.32% at $176.54.

In premarket trading on Thursday, the stock slipped 1.42% to $174.03, according to Benzinga Pro data. If the stock breaches Wednesday’s intraday low, it could move toward its next support around the $150 level.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

See Also: Everything You Need to Know About Tesla Stock

Image via Shutterstock

Market News and Data brought to you by Benzinga APIs
Posted In: Analyst ColorEquitiesNewsMoversTrading Ideaselectric vehiclesEVsExpert IdeasGary BlackStories That Matterwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!