Tesla (NASDAQ:TSLA) shares were on track to snap six straight sessions of losses on Wednesday, as the stock rose over 4% to $314.27 in afternoon trade.
Earlier in the day, Tesla announced that it has delivered 384,122 vehicles in the second quarter to miss the consensus estimate of 389K vehicles. Still, the stock rose after some traders were betting on a worse quarterly mark. The company’s China-made electric vehicle sales also rose 0.8% year-over-year in June, ending an eight-month decline.
The Austin, Texas-based EV maker lost about 12% in the preceding six sessions. Overall, the stock has lost more than 23% so far this year, compared to the over 5% rise in the broader S&P 500 Index.
TSLA is down 7% over the past one month. The stock closed 5.3% lower on Tuesday at $300.71 after Elon Musk and President Trump bickered again on social media about the government tax and spending bill.
Looking at Seeking Alpha’s Quant Rating, TSLA has a Hold rating with a score of 3.26 out of 5. The company received A+ in the prospect of profitability and an F in the valuation factor.
Turning to the Wall Street community, 21 analysts gave TSLA a Buy and higher. 16 analysts have given the stock a Hold recommendation, and ten recommended Sell or lower.
Seeking Alpha analysts are also cautious and see the stock as a Hold.
A recent Seeking Alpha analysis said despite disappointing delivery numbers and fierce competition in China, Tesla’s future value relies heavily on scaling robotaxi and FSD technologies.
“While Tesla’s advantage lies in being cheaper due to its sensor-lite approach, the company needs to demonstrate that it can scale quickly against Waymo, which is both expanding and providing around 250,000 units per week,” the analysis pointed out.