Tesla (NASDAQ:TSLA) Stock Acquired 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 Stock Up 3.1 %

NASDAQ TSLA opened at $320.72 on Friday. The firm has a market cap of $1.03 trillion, a PE ratio of 87.49, a price-to-earnings-growth ratio of 10.73 and a beta of 2.29. Tesla, Inc. has a one year low of $138.80 and a one year high of $358.64. The stock’s 50 day simple moving average is $250.10 and its 200 day simple moving average is $219.58. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37.

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

Insiders Place Their Bets

In other Tesla news, Director Kimbal Musk sold 60,500 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the sale, the director now owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. This represents a 3.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $346.02, for a total transaction of $34,602,000.00. Following the sale, the director now directly owns 5,400 shares in the company, valued at $1,868,508. This trade represents a 94.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 188,797 shares of company stock valued at $57,616,781. 20.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Glj Research reaffirmed a “sell” rating and set a $24.86 price objective on shares of Tesla in a research note on Thursday, October 17th. Wells Fargo & Company raised their price objective on Tesla from $120.00 to $125.00 and gave the company an “underweight” rating in a report on Thursday, October 24th. New Street Research cut Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price objective for the company. in a report on Wednesday, July 24th. Royal Bank of Canada raised their price objective on Tesla from $249.00 to $313.00 and gave the company an “outperform” rating in a report on Friday. Finally, Needham & Company LLC restated a “hold” rating on shares of Tesla in a report on Thursday, October 24th. Nine research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Tesla presently has an average rating of “Hold” and a consensus target price of $230.18.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC grew its stake in shares of Tesla by 35,611.2% during the third quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer’s stock worth $2,892,160,000 after buying an additional 11,023,436 shares during the last quarter. Clean Energy Transition LLP grew its stake in shares of Tesla by 347.7% during the second quarter. Clean Energy Transition LLP now owns 4,818,600 shares of the electric vehicle producer’s stock worth $953,505,000 after buying an additional 6,764,300 shares during the last quarter. Strategic Financial Concepts LLC grew its stake in shares of Tesla by 21,816.0% during the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock worth $1,167,970,000 after buying an additional 5,875,484 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Tesla by 1.7% during the first quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock worth $41,064,917,000 after buying an additional 3,795,748 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Tesla by 13.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer’s stock worth $6,377,970,000 after buying an additional 2,946,763 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

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.