Toronto, Ontario — In this Tuesday Ticker, we cover analysts’ predictions for Tesla’s Q2 delivery numbers and an Uber insider’s recent decision to sell their shares.
Tesla tops last quarter
Tesla is set to report a record number of vehicle deliveries for Q2, following a boom in EV-maker discounts and other incentives to boost electric vehicle sales.
Tesla is expected to report upwards of 445,000 deliveries between April and June, according to estimates from analysts at Refinitiv. That’s a five percent increase over last quarter, when the automaker delivered 422,875 vehicles.
The automaker has been cutting prices since January of this year but has avoided further cuts in recent months, instead relying on increased discounts.
All of its Model 3 vehicles, for example, were made eligible for further credits in the United States, returning EV owners up to US$7,500 in rebates. In China, Tesla offered an insurance subsidy to customers who ordered and completed the delivery of an existing Model 3 unit between June 16 and June 30.
Tesla’s most recent incentive: three months of free Supercharging for anyone who takes delivery of a Model 3 by June 30, 2023.
Eyes on Uber insiders
Insiders at Uber Technologies have allegedly sold “a significant stake in the company” over the past year, piquing investors’ interest in the stock.
Uber’s senior vice president of marketing and public affairs, Jill Hazelbaker, made the biggest insider sale in the last 12 months, worth US$3.5 million in shares (at a price of US$31.02 per share—which was slightly below the price-per-share at the time of selling). This was approximately 57 percent of Hazelbaker’s holdings, reported Yahoo Finance.
“When an insider sells below the current price, it suggests they consider that lower price to be fair. That makes us wonder what they think of the recent (higher) valuation,” wrote Yahoo Finance.
“An insider hasn’t bought Uber Technologies stock in the last three months, but there was some selling,” it continued. “Looking to the last twelve months, [Yahoo] data doesn’t show any insider buying.”
Yahoo stressed in its article that insider selling can have various explanations; however, if numerous insiders are selling, shareholders should investigate further.
According to Yahoo’s data, Uber insiders have sold US$8.4 million; the news site did not specify the period in which these shares were sold.
As of Friday at 2 p.m. EST, Uber shares traded at US$43.31 per share, up 14 percent in the last month and up 70.78 percent year-to-date.