Connect with us

Stock Market

Tesla Stock a Hype, Says Expert After Stock Plunges 62.4% Year to Date

Tesla stock price has lost $249.70 or 62.44% of its value year to date. Presently, trading at $148.48 a unit.

Published

on

Tesla model S

Investors have started dumping Tesla stock amid the uncertainty surrounding the future of the company following the Twitter acquisition and reports that Elon Musk has sold $23 billion worth of the company’s stock in 2022 alone.

Experts are skeptical that the Twitter acquisition will impact Elon Musk’s concentration, especially given a series of production hiccups and the slowdown in China’s sales.

Tesla stock price has lost $249.70 or

A veteran venture capitalist, Bradley Tusk, has however described the stock as a hype pumped by Elon Musk through his various activities on social media.

“So much of Tesla’s share price is based on hype and the pixie dust that Elon Musk is so good at putting out there. When he risks puncturing that image, it doesn’t just reflect on Twitter but Tesla, SpaceX, and everything else he is doing”, he said.

While arguing that Tesla is a great company, he insisted that Tesla does not worth General Motors, Toyota or Ford.

He said “Is Tesla a great company that produces a great car? Absolutely. Is Tesla worth what General Motors should be or Ford or Toyota should be? Of course not.”

Last week, Goldman Sachs cuts its Tesla stock target from $305 to $235 but still maintain its buy rating on the company

“We believe that Tesla remains well positioned for long-term growth as an EV cost structure and full solution leader (e.g. providing vehicles, charging, storage, software and services in a well integrated manner), and we maintain our Buy rating on the stock,” Goldman analyst Mark Delaney wrote today in a note today.

However, other factors like rising electric vehicle companies in the United States, production challenges and possible recession are expected to slow down Tesla’s growth in 2023 and even beyond.

“It’s a brutal spiral that Musk has caused with fears of him selling more stock pressuring the name along with demand concerns,” Tesla watcher Dan Ives told Yahoo Finance.

“It’s a Ted Striker Airplane movie vibe right now with Musk and Tesla with all his attention appearing to be on Twitter for now.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Nigerian Exchange Limited

Nigeria’s Market Falls 1.09% Amid Decline in Key Sectors

Published

on

Nigerian Exchange Limited - Investors King

Nigeria’s stock market closed the trading week ended Friday, April 12, with a decline of 1.09% following a downturn influenced by notable drops in the banking, insurance, and consumer goods sectors.

This shift resulted in a loss of about N638 billion for investors during the two-day trading week, which was shortened due to public holidays for Eid Mubarak.

The Nigerian Exchange Limited’s (NGX) All-Share Index (ASI) decreased from an opening high of 103,437.67 points to 102,314.56 points.

Meanwhile, market capitalization also dropped from N58.498 trillion to N57.860 trillion over the review period.

The market’s month-to-date (MtD) performance fell by 2.15%, and the year-to-date (YtD) return is now at 36.83%.

Futureview research analysts had previously forecasted a mixed performance in the equities market as investors adjusted their positions in anticipation of upcoming corporate actions and dividend payouts.

The analysts also predicted a possible shift in focus towards the fixed income market, which could influence short-term investment decisions.

While the market faced challenges this week, analysts expect a resurgence of buying interest driven by upcoming corporate actions and earnings reports, attracting investors looking to benefit from dividend payments.

Their recommendation to investors is to consider investing in high-quality stocks with strong fundamentals for potential returns.

Continue Reading

Dividends

Zenith Bank to Pay N109.88bn Dividends to Shareholders for 2023

Published

on

Zenith Bank - Investors King

Zenith Bank, one of Nigeria’s leading financial institutions, is set to distribute dividends totaling N109.88 billion to its shareholders for the 2023 financial year.

The announcement was made as part of the bank’s annual report filed with the Nigerian Exchange Limited on Monday.

The dividends amount to N4.00 per share. This includes a final dividend of N3.50 per share and an interim dividend of N0.50 per share paid earlier in the year.

The proposed dividends are subject to approval by shareholders at the next Annual General Meeting (AGM) and are payable from the retained earnings accounts as of December 31, 2023.

Throughout the fiscal year, Zenith Bank’s gross earnings surged by 125.50 percent to N2.13 trillion compared to N945 billion in the previous year.

The increase in gross earnings contributed to the bank’s impressive profit after tax, which increased to N676.91 billion, an increase from N223.91 billion recorded in 2022.

This positive performance was driven by the increase in interest and similar income, which rose to N1.14 trillion from N540 billion.

However, the bank experienced a decline in net income on fees and commission, dropping to N109.31 billion from N132.79 billion in 2022, indicating a 17.68 percent decrease.

This decline was attributed to an increase in fees and commission expenses, which grew to N68.21 billion from N24.42 billion in the previous year.

Also, Zenith Bank disclosed various operational expenses incurred during the year, including insurance premiums paid to Zenith General Insurance Limited and Prudential Zenith, as well as payments for information technology services rendered by Cyberspace Network.

 

Continue Reading

Nigerian Exchange Limited

VFD Group Plc’s Rights Issue Listed on NGX’s Daily Official List

Published

on

VFD Group- Investors King

The Nigerian Exchange Limited (NGX) has listed VFD Group Plc’s Rights Issue on its Daily Official List.

The move follows the approval by the Securities and Exchange Commission (SEC) and represents a crucial step in the company’s growth trajectory.

The Rights Issue comprises 63,342,455 ordinary shares of 50 kobo each priced at N197.33 per share, bringing the total value of the issue to N12.499 billion. With this listing, VFD Group Plc’s total issued and fully paid-up shares have surged from 190,027,365 to 253,369,820 ordinary shares.

According to a report by NGX, the additional shares listed arose from VFD’s Rights Issue on the basis of one ordinary share for every three ordinary shares held as of October 12, 2023.

This move underscores VFD Group Plc’s commitment to expanding its shareholder base and enhancing liquidity in the market.

The approval by SEC for the Rights Issue further solidifies VFD Group Plc’s position in the market. Gbeminiyi Shoda, the Group Company Secretary of VFD Group Plc, confirmed that the Qualification Date for the Rights Issue was October 12, 2023, with the application list opening on December 20, 2023, for a maximum period of 31 days.

VFD Group Plc’s Rights Issue comes on the heels of its recent listing on the Main Board of the Nigerian Exchange Limited (NGX). The listing of 190 million units of shares at N244.88 per share added N46.527 billion to NGX’s market capitalization, reflecting the company’s growing influence in the Nigerian capital market.

VFD Group Plc, known for its sector-agnostic proprietary investment approach, aims to create positive and socially conscious ecosystems by aggregating potentially viable businesses. The Rights Issue listing underscores the company’s strategic move to increase visibility, access capital, and enhance liquidity, ultimately benefiting its investors and stakeholders.

Investors and market analysts are closely watching the developments surrounding VFD Group Plc as it continues to expand its footprint in the Nigerian financial landscape. With the successful listing of its Rights Issue on NGX, the company is poised for further growth and value creation in the market.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending