Tesla shares (NASDAQ: TSLA) fell 4% on Friday as the electricity producer continued to feel the aftermath of its quarterly report. When Tesla hit 2-year lows, Wall Street continued to polarize the company, with bears linked to skepticism, and TSLA bulls remain firm in their support for the electric car manufacturer.
Apparently, blood smells in the water, Tesla's bears continued their assault on the company. Gabe Hoffman, founder of Accipiter Capital Management and a Tesla short, called Elon Musk a "lying magician" in a segment of Yahoo Finance s The Ticker . Garrett Nelson, CFRA's senior research analyst, noted that the company's guidance looks "unrealistic" and a "problem ahead". Longtime TSLA bull Dan Ives from Wedbush also wrote an alarm note after Tesla's Q1
While the current state of the Tesla stock does not inspire great confidence, some of the company's bullies remained supportive for the electric car manufacturer. Jefferie's analyst Philippe Houchois noted that while there is "ongoing stress" for Tesla, he saw "enough positive surprises from automatic gross margin hardness, cash earnings and gross liquidity to claim that the shares are adequately repaid." Houchois admitted that his current call may be "hard to live with at times," but he maintained that he sees value in Tesla's electric vehicle / connectivity technology and implementation.
He claims to take an unpopular statement, and the Jefferies analyst said he remained confident that "there is a path to sustained profitability" for the electric car manufacturer. Houchois ultimately held its "Buy" rating on TSLA stocks, as well as a very optimistic $ 400 price target.
ARK Invest CIO Cathie Wood, a long-term TSLA bull, discussed Tesla's first quarter results in a segment of CNN s First Move . According to Wood, the electric car manufacturer's Q1 figure may be provocative, but they are not a surprise. "The numbers so provocative. I want to tell you from the get-go. But we knew this was going to be a hard quarter. We knew they were retooling. We knew they were going to pay back the convertible notes. So there will be I don't think there were too many surprises, "she said.
In a rather interesting excitement, Craig Irwin from Roth Capital Partners has shown less bearish on Tesla after Q1 earnings calls. Irwin is a Tesla critic who recently claims that the electric car manufacturer will be in trouble due to heritage car competition. In a segment of CNBC s Squawk Box Irwin explained why he is currently considering Tesla as a team. "(The results from Q1 were very much like telegraphing. I think we've known the devices for a while. Nothing gets me more constructive here, but honestly, I'm not more bearish. I just think the probability of a stock offer or a Part of capital access is much, much higher with the cash position, as much as it was, "he said.
With Friday's 4% decline, TSLA shares have now fallen 29% in 2019. Tesla's market share has also fallen from $ 63 billion in mid-December to $ 40.8 billion. Wall Street analysts are currently expecting sales of the electric car manufacturer to grow by 19% by 2019, much less than the 83% growth it shows in 2018 and the 68% growth in 2017 according to Refinitiv .
As of the letter, Tesla shares trades at 4.77% at $ 235.81.
Disclosure: I have no ownership in TSLA shares and have no plans to launch any positions within 72 hours.