Tesla (NASDAQ:TSLA) Stock Bought Rep. Morgan McGarvey

Representative Morgan McGarvey (D-Kentucky) recently bought shares of Tesla, Inc. (NASDAQ:TSLA). In a filing disclosed on November 13th, the Representative disclosed that they had bought between $1,001 and $15,000 in Tesla stock on October 25th. The trade occurred in the Representative’s “CHRIS IRA” account.

Representative Morgan McGarvey also recently made the following trade(s):

• Sold $1,001 – $15,000 in shares of Apple (NASDAQ:AAPL) on 8/19/2024.

Tesla Price Performance

NASDAQ TSLA opened at $311.18 on Friday. The stock has a market cap of $998.91 billion, a price-to-earnings ratio of 85.25, a PEG ratio of 10.73 and a beta of 2.29. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average is $248.48 and its two-hundred day moving average is $218.94. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $358.64.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.14. The business had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.53 EPS. As a group, research analysts anticipate that Tesla, Inc. will post 1.99 earnings per share for the current year.

Analyst Ratings Changes

TSLA has been the subject of a number of research reports. HSBC reiterated a “reduce” rating and issued a $124.00 price target on shares of Tesla in a report on Friday, October 11th. StockNews.com raised Tesla from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. boosted their price objective on shares of Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a report on Thursday, October 24th. Glj Research reissued a “sell” rating and set a $24.86 price target on shares of Tesla in a research report on Thursday, October 17th. Finally, Piper Sandler upped their target price on Tesla from $310.00 to $315.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Nine investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $228.24.

Institutional Investors Weigh In On Tesla

A number of institutional investors have recently made changes to their positions in TSLA. Bank & Trust Co acquired a new position in shares of Tesla in the second quarter valued at $25,000. Valley Wealth Managers Inc. acquired a new position in Tesla in the second quarter valued at about $26,000. Abich Financial Wealth Management LLC boosted its position in shares of Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after acquiring an additional 81 shares in the last quarter. Transcendent Capital Group LLC bought a new position in Tesla in the third quarter valued at about $29,000. Finally, Clean Yield Group grew its holdings in shares of Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after purchasing an additional 48 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The trade was a 0.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $346.02, for a total value of $34,602,000.00. Following the completion of the sale, the director now directly owns 5,400 shares of the company’s stock, valued at $1,868,508. This trade represents a 94.88 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 188,797 shares of company stock worth $57,616,781. Insiders own 20.70% of the company’s stock.

About Representative McGarvey

Morgan McGarvey (Democratic Party) is a member of the U.S. House, representing Kentucky’s 3rd Congressional District. He assumed office on January 3, 2023. His current term ends on January 3, 2025. McGarvey (Democratic Party) is running for re-election to the U.S. House to represent Kentucky’s 3rd Congressional District. He declared candidacy for the Democratic primary scheduled on May 21, 2024. McGarvey served as state Senate minority leader from 2019 to 2023. Morgan McGarvey was born in Louisville, Kentucky. McGarvey earned a bachelor’s degree in journalism from the University of Missouri and a law degree from the University of Kentucky. His career experience includes working as an attorney with Morgan & Pottinger PSC. McGarvey has been affiliated with the Young Professionals Association of Louisville and the New Leaders Council.

Tesla Company Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.