Tesla: quarterly numbers below estimates; shares fall

(CercleFinance.com) - Last night Tesla Motors reported quarterly production and delivery numbers that came in slightly below analysts' estimates.


Tesla said that it delivered a total 63,000 cars in the first quarter, up 110% compared with the number of deliveries in the first quarter of last year.

"This was a disappointing performance by Tesla as the company missed the Street's delivery numbers by about 13%," analysts at Wedbush noted.

"Model 3 deliveries came in at 50,900 vs. the Street's 52,450 number," the broker said.

Wedbush maintained its "outperform" rating on the stock, but cut its target price from 390 dollars to 365 dollars to reflect lower deliveries and a higher chance of the group having to make a capital increase in the future.

But analysts at New Street Research do not agree. While expecting 1-billion-dollar cash burn for the past quarter, the independent research house said that it will be "short lived," and that liquidity is "not at risk."

The shares tumbled 8.5% to 237 dollars after the report, bringing the stock's year-to-date fall to 21%.

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