A little blinded by greed mayb_老虎社区_美港股上老虎

Taniajl
2021-08-03

A little blinded by greed maybe? No wonder can't find their direction

Tesla Still Looking For Direction<blockquote>特斯拉仍在寻找方向</blockquote>

Summary Company beats as revenues, margins impress. Cash flow and guidance not very impressive. Sha

Tesla Still Looking For Direction<blockquote>特斯拉仍在寻找方向</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":804264482,"tweetId":"804264482","gmtCreate":1627958940646,"gmtModify":1633754866953,"author":{"id":4089330361541940,"idStr":"4089330361541940","authorId":4089330361541940,"authorIdStr":"4089330361541940","name":"Taniajl","avatar":"https://static.tigerbbs.com/4832c1aaecb90f47aa0c9b8585778afe","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>A little blinded by greed maybe? No wonder can't find their direction</body></html>","htmlText":"<html><head></head><body>A little blinded by greed maybe? No wonder can't find their direction</body></html>","text":"A little blinded by greed maybe? No wonder can't find their direction","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/804264482","repostId":1164984760,"repostType":4,"repost":{"id":"1164984760","kind":"news","pubTimestamp":1627958824,"share":"https://www.laohu8.com/m/news/1164984760?lang=zh_CN&edition=full","pubTime":"2021-08-03 10:47","market":"us","language":"en","title":"Tesla Still Looking For Direction<blockquote>特斯拉仍在寻找方向</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164984760","media":"seekingalpha","summary":"Summary\n\nCompany beats as revenues, margins impress.\nCash flow and guidance not very impressive.\nSha","content":"Summary<blockquote>总结</blockquote> <ul> <li>Company beats as revenues, margins impress.</li> <li>Cash flow and guidance not very impressive.</li> <li>Shares still not able to break above $750.</li> </ul> <img src=\"https://static.tigerbbs.com/b7aab2de2ec892bafc5a0ef6e0335fec\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\">Justin Sullivan/Getty Images News<blockquote><ul><li>公司收入和利润率均表现出色。</li><li>现金流和指导不是很令人印象深刻。</li><li>股价仍无法突破750美元。</li></ul>贾斯汀·沙利文/盖蒂图片社新闻</blockquote> For electric vehicle maker Tesla (TSLA), last week had a bit of everything for you, no matter which side you are on. The company's&nbsp;Q2 quarterly update&nbsp;featured top and bottom line beats, headlined by strong margins and operating expense control. However, the bears also got their slice of meat as the yearly forecast wasn't as positive as hoped, cash flow remained iffy, and one major supporter made a surprising sale of shares. In the end, Tesla shares did rally a bit, but they still haven't been able to break out of their recent range.<blockquote>对于电动汽车制造商特斯拉（TSLA）来说，无论您站在哪一边，上周都为您提供了一切。该公司第二季度的季度更新显示了营收和利润的增长，主要是强劲的利润率和运营费用控制。然而，空头也得到了他们的份额，因为年度预测并不像希望的那样乐观，现金流仍然不确定，一位主要支持者出人意料地出售了股票。最终，特斯拉股价确实有所上涨，但仍未能突破近期区间。</blockquote> As it turned out,my earnings preview&nbsp;discussing vehicle price raises and other tailwinds for the quarter was spot on. Tesla delivered nearly $12 billion in total revenue for the quarter, topping estimates and my predictions nicely even though I was already more bullish than the street. In the table below, you can see the overall results against my three cases, with dollar values in millions except per share amounts.<blockquote>事实证明，我讨论本季度汽车价格上涨和其他有利因素的收益预览是正确的。特斯拉本季度的总收入接近120亿美元，很好地超出了预期和我的预测，尽管我已经比华尔街更加乐观。在下表中，您可以看到我的三个案例的总体结果，除每股金额外，美元价值均为数百万。</blockquote> <img src=\"https://static.tigerbbs.com/290012023d8e7bdcd670385776db3aa2\" tg-width=\"640\" tg-height=\"576\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><blockquote></blockquote> It turns out that those tailwinds certainly helped, and some Megapack projects completed during the period led to energy revenue upside. Credit sales fell roughly as much as I said they would, and net income topped $1.1 billion on a GAAP basis. It also helped that there was $123 million less in stock-based compensation tied to CEO Elon Musk's bonus plan as compared to Q1, leading operating expenses to decline by roughly $50 million sequentially despite the sales surge.<blockquote>事实证明，这些顺风确实有所帮助，在此期间完成的一些Megapack项目导致了能源收入的上升。信贷销售额的下降幅度与我所说的大致相同，按公认会计准则计算，净利润超过11亿美元。与第一季度相比，与首席执行官埃隆·马斯克(Elon Musk)奖金计划相关的股票薪酬减少了1.23亿美元，导致尽管销售额激增，但运营费用仍环比下降约5000万美元。</blockquote> Tesla reported GAAP gross margins of 28.4% in the quarter, nicely up from 26.5% in Q1. Non-GAAP margins, which exclude credit sales, were up almost four percentage points. Management expects margins to improve over time as it produces more vehicles in local markets, such as the Texas and Berlin factories that are scheduled to come online in a few months. Reducing debt and an accounting change have also greatly lowered interest costs, making the bottom line look much better.<blockquote>特斯拉报告本季度GAAP毛利率为28.4%，远高于第一季度的26.5%。不包括信贷销售的非公认会计准则利润率上升了近四个百分点。管理层预计，随着时间的推移，随着公司在当地市场生产更多车辆，例如计划在几个月内投产的德克萨斯州和柏林工厂，利润率将会提高。减少债务和会计变更也大大降低了利息成本，使利润看起来更好。</blockquote> On the flip side, there were again some concerns about the quality of cash flow. Over the last six quarters, Tesla has produced free cash flow of $3.698 billion. Due to rising production over that time, accounts payable and accrued liabilities have risen by $3.694 billion. Some of that has been offset by an increase in inventory and accounts receivable, the latter of which continues to rise to new highs despite Tesla's direct to consumer model. Tesla has also paid a good deal of debt back in recent quarters and diluted investors considerably over the years to get its cash balance where it is.<blockquote>另一方面，人们再次对现金流的质量感到担忧。过去六个季度，特斯拉产生了36.98亿美元的自由现金流。由于同期产量增加，应付账款和应计负债增加了36.94亿美元。其中一部分被库存和应收账款的增加所抵消，尽管特斯拉采用了直接面向消费者的模式，但后者仍继续升至新高。特斯拉最近几个季度还偿还了大量债务，并多年来大幅稀释了投资者的资金，以保持其现金余额。</blockquote> Some investors were also a little disappointed that Tesla didn't raise its yearly delivery forecast. Management is still calling for more than 50% growth, but investors were hoping that the number would be raised well into the 800k area. There seem to be some supply chain issues, and Tesla has again delayed the Semi into 2022. It also seems that the Cybertruck will be pushed back into next year as well since the factory in Texas will start with Model Y production. Management still believes that both new factories will start their respective Model Y production this year, but given that we are now in August with nothing major happening yet, it won't be at the volumes that some were hoping for when 2021 started.<blockquote>一些投资者也对特斯拉没有上调年度交付预期感到有点失望。管理层仍呼吁增长50%以上，但投资者希望这一数字能够提高到80万左右。似乎存在一些供应链问题，特斯拉再次将Semi推迟到2022年。由于德克萨斯州的工厂将开始生产Model Y，Cybertruck似乎也将推迟到明年。管理层仍然相信，这两家新工厂将在今年开始各自的Model Y生产，但考虑到现在是8月份，还没有发生任何重大事情，因此产量不会达到一些人在2021年开始时所希望的产量。</blockquote> One other interesting item that the bears will point to is that Ark Invest sold some Tesla shares on Friday for its flagship Ark Innovation ETF (ARKK). This was not a sale due to redemptions, but a change in allocation as seen in the graphic below. Tesla bulls may point to the fact that it was approaching a weight of 10.75% in ARKK, so they will say that this was just a small trim of an outsized position. However, I would counter by saying that Tesla's weight was a full percentage point higher in the Ark Autonomous Technology and Robotics ETF (ARKQ), around 11.75% as of Monday, and has been for some time without any sales there. For a firm with a $3,000 price target on the stock, there are those who find it very curious that Ark Invest is selling Tesla below $700 a share.<blockquote>空头将指出的另一个有趣的项目是，Ark Invest周五为其旗舰Ark Innovation ETF(ARKK)出售了一些特斯拉股票。这不是由于赎回而导致的出售，而是分配的变化，如下图所示。特斯拉多头可能会指出，它在ARKK的权重接近10.75%，因此他们会说这只是对超大头寸的小幅削减。然而，我想反驳说，特斯拉在方舟自主技术和机器人ETF(ARKQ)中的权重高出了整整一个百分点，截至周一约为11.75%，并且已经有一段时间没有任何销售。对于一家股票目标价为3,000美元的公司来说，有些人对Ark Invest以每股700美元以下的价格出售特斯拉感到非常好奇。</blockquote> <img src=\"https://static.tigerbbs.com/bbe69307a036dd3638da4e66a04cef4e\" tg-width=\"640\" tg-height=\"511\" width=\"100%\" height=\"auto\">(Screenshot taken from Ark Invest daily e-mail sent to author)<blockquote>（截图取自Ark Invest daily发给笔者的邮件）</blockquote> Over the past couple of weeks, Tesla shares actually spent some time below their&nbsp;average price target&nbsp;on the street. This was an unusual event, because, for a good chunk of this year, they were well above the street's average valuation, at one point by nearly 50%. However, early Monday were trading about $50 above the target again, so it seems that analysts believe the stock is a little overvalued at this point.<blockquote>过去几周，特斯拉股价实际上有一段时间低于华尔街的平均目标价。这是一个不寻常的事件，因为在今年的大部分时间里，它们的估值都远高于华尔街的平均估值，一度高出近50%。然而，周一早些时候的交易价格再次比目标高出约50美元，因此分析师似乎认为该股目前有点高估。</blockquote> Tesla didn't really respond to the earnings report, but they did rally late in the week and into Monday morning. This has improved the technical picture as seen in the chart below, with the 50-day moving average (purple line) starting to rise again. Shares still haven't been able to get above the $750 mark since the April high, so the stock seems to be stuck in a bit of a range currently.<blockquote>特斯拉并没有真正对收益报告做出回应，但他们确实在本周晚些时候和周一早上反弹。这改善了技术面，如下图所示，50日移动平均线（紫色线）再次开始上涨。自4月份高点以来，该股仍未能突破750美元大关，因此该股目前似乎陷入了一个区间。</blockquote> <img src=\"https://static.tigerbbs.com/a5979c7eec3f30f4f4dda4bc706bd731\" tg-width=\"640\" tg-height=\"274\" width=\"100%\" height=\"auto\">(Source: Yahoo! Finance)<blockquote>（来源：雅虎财经）</blockquote> Last week didn't really solve any of the major arguments surrounding Tesla on either the bull or bear side. The Q2 earnings report did show some positive surprises, but guidance was less than stellar and the cash flow scenario remained so-so. With more product delays on the horizon, the stock has popped a little but not been able to fully break out of a multi-month range, so investors will be looking to find the next major catalyst.<blockquote>上周并没有真正解决围绕特斯拉的任何主要争论，无论是多头还是空头。第二季度收益报告确实显示了一些积极的惊喜，但指引并不出色，现金流情况仍然马马虎虎。随着更多产品延迟的出现，该股略有上涨，但未能完全突破数月区间，因此投资者将寻找下一个主要催化剂。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Still Looking For Direction<blockquote>特斯拉仍在寻找方向</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Still Looking For Direction<blockquote>特斯拉仍在寻找方向</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-08-03 10:47\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Company beats as revenues, margins impress.</li> <li>Cash flow and guidance not very impressive.</li> <li>Shares still not able to break above $750.</li> </ul> <img src=\"https://static.tigerbbs.com/b7aab2de2ec892bafc5a0ef6e0335fec\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\">Justin Sullivan/Getty Images News<blockquote><ul><li>公司收入和利润率均表现出色。</li><li>现金流和指导不是很令人印象深刻。</li><li>股价仍无法突破750美元。</li></ul>贾斯汀·沙利文/盖蒂图片社新闻</blockquote> For electric vehicle maker Tesla (TSLA), last week had a bit of everything for you, no matter which side you are on. The company's&nbsp;Q2 quarterly update&nbsp;featured top and bottom line beats, headlined by strong margins and operating expense control. However, the bears also got their slice of meat as the yearly forecast wasn't as positive as hoped, cash flow remained iffy, and one major supporter made a surprising sale of shares. In the end, Tesla shares did rally a bit, but they still haven't been able to break out of their recent range.<blockquote>对于电动汽车制造商特斯拉（TSLA）来说，无论您站在哪一边，上周都为您提供了一切。该公司第二季度的季度更新显示了营收和利润的增长，主要是强劲的利润率和运营费用控制。然而，空头也得到了他们的份额，因为年度预测并不像希望的那样乐观，现金流仍然不确定，一位主要支持者出人意料地出售了股票。最终，特斯拉股价确实有所上涨，但仍未能突破近期区间。</blockquote> As it turned out,my earnings preview&nbsp;discussing vehicle price raises and other tailwinds for the quarter was spot on. Tesla delivered nearly $12 billion in total revenue for the quarter, topping estimates and my predictions nicely even though I was already more bullish than the street. In the table below, you can see the overall results against my three cases, with dollar values in millions except per share amounts.<blockquote>事实证明，我讨论本季度汽车价格上涨和其他有利因素的收益预览是正确的。特斯拉本季度的总收入接近120亿美元，很好地超出了预期和我的预测，尽管我已经比华尔街更加乐观。在下表中，您可以看到我的三个案例的总体结果，除每股金额外，美元价值均为数百万。</blockquote> <img src=\"https://static.tigerbbs.com/290012023d8e7bdcd670385776db3aa2\" tg-width=\"640\" tg-height=\"576\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><blockquote></blockquote> It turns out that those tailwinds certainly helped, and some Megapack projects completed during the period led to energy revenue upside. Credit sales fell roughly as much as I said they would, and net income topped $1.1 billion on a GAAP basis. It also helped that there was $123 million less in stock-based compensation tied to CEO Elon Musk's bonus plan as compared to Q1, leading operating expenses to decline by roughly $50 million sequentially despite the sales surge.<blockquote>事实证明，这些顺风确实有所帮助，在此期间完成的一些Megapack项目导致了能源收入的上升。信贷销售额的下降幅度与我所说的大致相同，按公认会计准则计算，净利润超过11亿美元。与第一季度相比，与首席执行官埃隆·马斯克(Elon Musk)奖金计划相关的股票薪酬减少了1.23亿美元，导致尽管销售额激增，但运营费用仍环比下降约5000万美元。</blockquote> Tesla reported GAAP gross margins of 28.4% in the quarter, nicely up from 26.5% in Q1. Non-GAAP margins, which exclude credit sales, were up almost four percentage points. Management expects margins to improve over time as it produces more vehicles in local markets, such as the Texas and Berlin factories that are scheduled to come online in a few months. Reducing debt and an accounting change have also greatly lowered interest costs, making the bottom line look much better.<blockquote>特斯拉报告本季度GAAP毛利率为28.4%，远高于第一季度的26.5%。不包括信贷销售的非公认会计准则利润率上升了近四个百分点。管理层预计，随着时间的推移，随着公司在当地市场生产更多车辆，例如计划在几个月内投产的德克萨斯州和柏林工厂，利润率将会提高。减少债务和会计变更也大大降低了利息成本，使利润看起来更好。</blockquote> On the flip side, there were again some concerns about the quality of cash flow. Over the last six quarters, Tesla has produced free cash flow of $3.698 billion. Due to rising production over that time, accounts payable and accrued liabilities have risen by $3.694 billion. Some of that has been offset by an increase in inventory and accounts receivable, the latter of which continues to rise to new highs despite Tesla's direct to consumer model. Tesla has also paid a good deal of debt back in recent quarters and diluted investors considerably over the years to get its cash balance where it is.<blockquote>另一方面，人们再次对现金流的质量感到担忧。过去六个季度，特斯拉产生了36.98亿美元的自由现金流。由于同期产量增加，应付账款和应计负债增加了36.94亿美元。其中一部分被库存和应收账款的增加所抵消，尽管特斯拉采用了直接面向消费者的模式，但后者仍继续升至新高。特斯拉最近几个季度还偿还了大量债务，并多年来大幅稀释了投资者的资金，以保持其现金余额。</blockquote> Some investors were also a little disappointed that Tesla didn't raise its yearly delivery forecast. Management is still calling for more than 50% growth, but investors were hoping that the number would be raised well into the 800k area. There seem to be some supply chain issues, and Tesla has again delayed the Semi into 2022. It also seems that the Cybertruck will be pushed back into next year as well since the factory in Texas will start with Model Y production. Management still believes that both new factories will start their respective Model Y production this year, but given that we are now in August with nothing major happening yet, it won't be at the volumes that some were hoping for when 2021 started.<blockquote>一些投资者也对特斯拉没有上调年度交付预期感到有点失望。管理层仍呼吁增长50%以上，但投资者希望这一数字能够提高到80万左右。似乎存在一些供应链问题，特斯拉再次将Semi推迟到2022年。由于德克萨斯州的工厂将开始生产Model Y，Cybertruck似乎也将推迟到明年。管理层仍然相信，这两家新工厂将在今年开始各自的Model Y生产，但考虑到现在是8月份，还没有发生任何重大事情，因此产量不会达到一些人在2021年开始时所希望的产量。</blockquote> One other interesting item that the bears will point to is that Ark Invest sold some Tesla shares on Friday for its flagship Ark Innovation ETF (ARKK). This was not a sale due to redemptions, but a change in allocation as seen in the graphic below. Tesla bulls may point to the fact that it was approaching a weight of 10.75% in ARKK, so they will say that this was just a small trim of an outsized position. However, I would counter by saying that Tesla's weight was a full percentage point higher in the Ark Autonomous Technology and Robotics ETF (ARKQ), around 11.75% as of Monday, and has been for some time without any sales there. For a firm with a $3,000 price target on the stock, there are those who find it very curious that Ark Invest is selling Tesla below $700 a share.<blockquote>空头将指出的另一个有趣的项目是，Ark Invest周五为其旗舰Ark Innovation ETF(ARKK)出售了一些特斯拉股票。这不是由于赎回而导致的出售，而是分配的变化，如下图所示。特斯拉多头可能会指出，它在ARKK的权重接近10.75%，因此他们会说这只是对超大头寸的小幅削减。然而，我想反驳说，特斯拉在方舟自主技术和机器人ETF(ARKQ)中的权重高出了整整一个百分点，截至周一约为11.75%，并且已经有一段时间没有任何销售。对于一家股票目标价为3,000美元的公司来说，有些人对Ark Invest以每股700美元以下的价格出售特斯拉感到非常好奇。</blockquote> <img src=\"https://static.tigerbbs.com/bbe69307a036dd3638da4e66a04cef4e\" tg-width=\"640\" tg-height=\"511\" width=\"100%\" height=\"auto\">(Screenshot taken from Ark Invest daily e-mail sent to author)<blockquote>（截图取自Ark Invest daily发给笔者的邮件）</blockquote> Over the past couple of weeks, Tesla shares actually spent some time below their&nbsp;average price target&nbsp;on the street. This was an unusual event, because, for a good chunk of this year, they were well above the street's average valuation, at one point by nearly 50%. However, early Monday were trading about $50 above the target again, so it seems that analysts believe the stock is a little overvalued at this point.<blockquote>过去几周，特斯拉股价实际上有一段时间低于华尔街的平均目标价。这是一个不寻常的事件，因为在今年的大部分时间里，它们的估值都远高于华尔街的平均估值，一度高出近50%。然而，周一早些时候的交易价格再次比目标高出约50美元，因此分析师似乎认为该股目前有点高估。</blockquote> Tesla didn't really respond to the earnings report, but they did rally late in the week and into Monday morning. This has improved the technical picture as seen in the chart below, with the 50-day moving average (purple line) starting to rise again. Shares still haven't been able to get above the $750 mark since the April high, so the stock seems to be stuck in a bit of a range currently.<blockquote>特斯拉并没有真正对收益报告做出回应，但他们确实在本周晚些时候和周一早上反弹。这改善了技术面，如下图所示，50日移动平均线（紫色线）再次开始上涨。自4月份高点以来，该股仍未能突破750美元大关，因此该股目前似乎陷入了一个区间。</blockquote> <img src=\"https://static.tigerbbs.com/a5979c7eec3f30f4f4dda4bc706bd731\" tg-width=\"640\" tg-height=\"274\" width=\"100%\" height=\"auto\">(Source: Yahoo! Finance)<blockquote>（来源：雅虎财经）</blockquote> Last week didn't really solve any of the major arguments surrounding Tesla on either the bull or bear side. The Q2 earnings report did show some positive surprises, but guidance was less than stellar and the cash flow scenario remained so-so. With more product delays on the horizon, the stock has popped a little but not been able to fully break out of a multi-month range, so investors will be looking to find the next major catalyst.<blockquote>上周并没有真正解决围绕特斯拉的任何主要争论，无论是多头还是空头。第二季度收益报告确实显示了一些积极的惊喜，但指引并不出色，现金流情况仍然马马虎虎。随着更多产品延迟的出现，该股略有上涨，但未能完全突破数月区间，因此投资者将寻找下一个主要催化剂。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4444132-tesla-still-looking-for-direction\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4444132-tesla-still-looking-for-direction","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164984760","content_text":"Summary\n\nCompany beats as revenues, margins impress.\nCash flow and guidance not very impressive.\nShares still not able to break above $750.\n\nJustin Sullivan/Getty Images News\nFor electric vehicle maker Tesla (TSLA), last week had a bit of everything for you, no matter which side you are on. The company's Q2 quarterly update featured top and bottom line beats, headlined by strong margins and operating expense control. However, the bears also got their slice of meat as the yearly forecast wasn't as positive as hoped, cash flow remained iffy, and one major supporter made a surprising sale of shares. In the end, Tesla shares did rally a bit, but they still haven't been able to break out of their recent range.\nAs it turned out,my earnings preview discussing vehicle price raises and other tailwinds for the quarter was spot on. Tesla delivered nearly $12 billion in total revenue for the quarter, topping estimates and my predictions nicely even though I was already more bullish than the street. In the table below, you can see the overall results against my three cases, with dollar values in millions except per share amounts.\n\nIt turns out that those tailwinds certainly helped, and some Megapack projects completed during the period led to energy revenue upside. Credit sales fell roughly as much as I said they would, and net income topped $1.1 billion on a GAAP basis. It also helped that there was $123 million less in stock-based compensation tied to CEO Elon Musk's bonus plan as compared to Q1, leading operating expenses to decline by roughly $50 million sequentially despite the sales surge.\nTesla reported GAAP gross margins of 28.4% in the quarter, nicely up from 26.5% in Q1. Non-GAAP margins, which exclude credit sales, were up almost four percentage points. Management expects margins to improve over time as it produces more vehicles in local markets, such as the Texas and Berlin factories that are scheduled to come online in a few months. Reducing debt and an accounting change have also greatly lowered interest costs, making the bottom line look much better.\nOn the flip side, there were again some concerns about the quality of cash flow. Over the last six quarters, Tesla has produced free cash flow of $3.698 billion. Due to rising production over that time, accounts payable and accrued liabilities have risen by $3.694 billion. Some of that has been offset by an increase in inventory and accounts receivable, the latter of which continues to rise to new highs despite Tesla's direct to consumer model. Tesla has also paid a good deal of debt back in recent quarters and diluted investors considerably over the years to get its cash balance where it is.\nSome investors were also a little disappointed that Tesla didn't raise its yearly delivery forecast. Management is still calling for more than 50% growth, but investors were hoping that the number would be raised well into the 800k area. There seem to be some supply chain issues, and Tesla has again delayed the Semi into 2022. It also seems that the Cybertruck will be pushed back into next year as well since the factory in Texas will start with Model Y production. Management still believes that both new factories will start their respective Model Y production this year, but given that we are now in August with nothing major happening yet, it won't be at the volumes that some were hoping for when 2021 started.\nOne other interesting item that the bears will point to is that Ark Invest sold some Tesla shares on Friday for its flagship Ark Innovation ETF (ARKK). This was not a sale due to redemptions, but a change in allocation as seen in the graphic below. Tesla bulls may point to the fact that it was approaching a weight of 10.75% in ARKK, so they will say that this was just a small trim of an outsized position. However, I would counter by saying that Tesla's weight was a full percentage point higher in the Ark Autonomous Technology and Robotics ETF (ARKQ), around 11.75% as of Monday, and has been for some time without any sales there. For a firm with a $3,000 price target on the stock, there are those who find it very curious that Ark Invest is selling Tesla below $700 a share.\n(Screenshot taken from Ark Invest daily e-mail sent to author)\nOver the past couple of weeks, Tesla shares actually spent some time below their average price target on the street. This was an unusual event, because, for a good chunk of this year, they were well above the street's average valuation, at one point by nearly 50%. However, early Monday were trading about $50 above the target again, so it seems that analysts believe the stock is a little overvalued at this point.\nTesla didn't really respond to the earnings report, but they did rally late in the week and into Monday morning. This has improved the technical picture as seen in the chart below, with the 50-day moving average (purple line) starting to rise again. Shares still haven't been able to get above the $750 mark since the April high, so the stock seems to be stuck in a bit of a range currently.\n(Source: Yahoo! Finance)\nLast week didn't really solve any of the major arguments surrounding Tesla on either the bull or bear side. The Q2 earnings report did show some positive surprises, but guidance was less than stellar and the cash flow scenario remained so-so. With more product delays on the horizon, the stock has popped a little but not been able to fully break out of a multi-month range, so investors will be looking to find the next major catalyst.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2541,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":58,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}