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

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 Trading Up 3.1 %

Shares of TSLA traded up $9.54 during trading hours on Friday, hitting $320.72. The company had a trading volume of 113,819,773 shares, compared to its average volume of 96,024,922. The firm has a market cap of $1.03 trillion, a P/E ratio of 87.49, a P/E/G ratio of 10.73 and a beta of 2.29. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $358.64. The stock's 50 day moving average price is $250.10 and its 200 day moving average price is $219.58. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business had revenue of $25.18 billion for the quarter, compared to analyst estimates of $25.47 billion. During the same quarter last year, the firm earned $0.53 EPS. The company's revenue was up 7.8% on a year-over-year basis. On average, research analysts predict that Tesla, Inc. will post 1.99 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Cantor Fitzgerald reissued a "neutral" rating and issued a $245.00 target price on shares of Tesla in a research report on Wednesday, October 23rd. Oppenheimer reissued a "market perform" rating on shares of Tesla in a research report on Tuesday, October 8th. Canaccord Genuity Group upped their target price on shares of Tesla from $254.00 to $278.00 and gave the stock a "buy" rating in a research report on Thursday, October 24th. Needham & Company LLC restated a "hold" rating on shares of Tesla in a report on Thursday, October 24th. Finally, Glj Research reissued a "sell" rating and issued a $24.86 price target on shares of Tesla in a research report on Thursday, October 17th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $230.18.

Insider Buying and Selling at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares of the company's stock, valued at $14,967,479.07. This trade represents a 0.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Vaibhav Taneja sold 4,000 shares of the company's stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $350.00, for a total transaction of $1,400,000.00. Following the sale, the chief financial officer now owns 105,032 shares in the company, valued at $36,761,200. This represents a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 188,797 shares of company stock valued at $57,616,781 in the last three months. 20.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tesla

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank & Trust Co bought a new position in Tesla in the 2nd quarter worth $25,000. Valley Wealth Managers Inc. bought a new position in shares of Tesla in the second quarter worth about $26,000. Abich Financial Wealth Management LLC grew its position in shares of Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer's stock worth $26,000 after purchasing an additional 81 shares in the last quarter. Transcendent Capital Group LLC purchased a new position in Tesla in the 3rd quarter worth approximately $29,000. Finally, Clean Yield Group boosted its stake in Tesla by 60.0% in the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer's stock worth $33,000 after purchasing an additional 48 shares during the period. 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.