Tesla Stock Hit With Bear Notes Before Earnings

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Tesla reports earnings after tomorrow’s close

Tesla Inc (NASDAQ:TSLA) reports first-quarter earnings after the close on Thursday, April 19. Ahead of the event, two brokerages cut their price targets on the electric vehicle (EV) giant, which is down 1.1% at $185.05 at last check.

Barclays lowered its price target to $230 from $275, while BofA Global Research slashed its objective to $220 from $225. Roughly 57% of the 26 covering brokerages rate TSLA a “buy” or better, an awfully bullish bunch for a stock down 44% year-over-year.

Tesla has a mixed post-earnings history based on the last eight quarters, but the stock they did score a 11% post-earnings pop back in January. This time around, options traders are pricing in an 8.4% post-earnings swing for TSLA , which is more than double the 4.1% move the stock averaged over the past two years, regardless of direction.

On the charts, Tesla stock has recovered well from its Jan. 6, two-year low of $101.81. While the shares are more than 50% higher in 2023, their 180-day moving average has kept a lid on their last two breakout attempts.

TSLA Chart April 182023

The options pits lean bullish before the report. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Tesla stock’s 50-day call/put volume ratio of 1.39 sits higher than 96% of readings from the last 12 months.