Rep. Morgan McGarvey Buys Tesla, Inc. (NASDAQ:TSLA) Stock

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

Shares of Tesla stock opened at $311.18 on Friday. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $998.91 billion, a price-to-earnings ratio of 87.07, a price-to-earnings-growth ratio of 10.67 and a beta of 2.29. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $358.64. The company has a 50-day simple moving average of $248.48 and a two-hundred day simple moving average of $218.94.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Morgan Stanley reissued an “overweight” rating and set a $310.00 price target on shares of Tesla in a report on Thursday, October 3rd. Wolfe Research started coverage on shares of Tesla in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $295.00 price target on shares of Tesla in a report on Tuesday, September 10th. Canaccord Genuity Group increased their price objective on shares of Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research note on Thursday, October 24th. Eight investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $228.24.

Insider Buying and Selling at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now 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 legal filing with the SEC, which is available through this link. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the business’s stock in a transaction 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 sale, the director now owns 5,400 shares in the company, valued at approximately $1,868,508. The trade was a 94.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 188,797 shares of company stock worth $57,616,781 over the last ninety days. 20.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tesla

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank & Trust Co bought a new stake in Tesla in the second quarter worth about $25,000. Valley Wealth Managers Inc. bought a new stake in shares of Tesla in the 2nd quarter worth approximately $26,000. Abich Financial Wealth Management LLC lifted its stake in Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after purchasing an additional 81 shares during the last quarter. Transcendent Capital Group LLC bought a new position in Tesla during the third quarter valued at $29,000. Finally, Clean Yield Group increased its position in Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after buying an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 66.20% 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.