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Tesla (TSLA) ended the recent trading session at $252.64, demonstrating a +1.78% swing from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily gain of 0.28%. Elsewhere, the Dow saw an upswing of 0.53%, while the tech-heavy Nasdaq appreciated by 0.4%.

Shares of the electric car maker witnessed a gain of 39.45% over the previous month, beating the performance of the Auto-Tires-Trucks sector with its gain of 16.54% and the S&P 500's gain of 3.78%.

The investment community will be paying close attention to the earnings performance of Tesla in its upcoming release. The company is slated to reveal its earnings on July 23, 2024. The company's earnings per share (EPS) are projected to be $0.62, reflecting a 31.87% decrease from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $25.13 billion, up 0.81% from the year-ago period.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.48 per share and a revenue of $98.42 billion, signifying shifts of -20.51% and +1.71%, respectively, from the last year.

Investors might also notice recent changes to analyst estimates for Tesla. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.74% downward. Right now, Tesla possesses a Zacks Rank of #3 (Hold).

From a valuation perspective, Tesla is currently exchanging hands at a Forward P/E ratio of 100.19. For comparison, its industry has an average Forward P/E of 11.46, which means Tesla is trading at a premium to the group.

Also, we should mention that TSLA has a PEG ratio of 4.63. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Automotive - Domestic industry held an average PEG ratio of 1.18.

The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. At present, this industry carries a Zacks Industry Rank of 174, placing it within the bottom 31% of over 250 industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

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