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

Posted by Jared Coughlin on Dec 12th, 2024

Representative Morgan McGarvey (D-Kentucky) recently sold shares of Tesla, Inc. (NASDAQ:TSLA). In a filing disclosed on December 10th, the Representative disclosed that they had sold between $1,001 and $15,000 in Tesla stock on November 13th. 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 Shell (NYSE:SHEL) on 11/13/2024.
Sold $1,001 – $15,000 in shares of Amazon.com (NASDAQ:AMZN) on 11/13/2024.
Sold $1,001 – $15,000 in shares of Interactive Brokers Group (NASDAQ:IBKR) on 11/13/2024.
Sold $1,001 – $15,000 in shares of NVIDIA (NASDAQ:NVDA) on 11/13/2024.
Sold $1,001 – $15,000 in shares of Microsoft (NASDAQ:MSFT) on 11/13/2024.
Sold $1,001 – $15,000 in shares of Charles Schwab (NYSE:SCHW) on 11/13/2024.
Sold $15,001 – $50,000 in shares of NVIDIA (NASDAQ:NVDA) on 11/13/2024.
Sold $1,001 – $15,000 in shares of Trump Media & Technology Group (NASDAQ:DJT) on 11/8/2024.
Purchased $1,001 – $15,000 in shares of Trump Media & Technology Group (NASDAQ:DJT) on 11/6/2024.
Purchased $1,001 – $15,000 in shares of Tesla (NASDAQ:TSLA) on 10/25/2024.

Tesla Stock Performance

NASDAQ TSLA opened at $424.77 on Thursday. The firm’s 50 day simple moving average is $294.47 and its 200 day simple moving average is $243.51. The firm has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 116.38, a P/E/G ratio of 12.64 and a beta of 2.36. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $424.88. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA – Get Free Report) last released 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. 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 was up 7.8% compared to the same quarter last year. During the same period last year, the firm posted $0.53 earnings per share. As a group, research analysts expect that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

Institutional Trading of Tesla

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. NorthCrest Asset Manangement LLC raised its position in shares of Tesla by 1.2% in the second quarter. NorthCrest Asset Manangement LLC now owns 8,229 shares of the electric vehicle producer’s stock worth $1,628,000 after buying an additional 100 shares in the last quarter. Bill Few Associates Inc. grew its stake in Tesla by 18.4% in the 2nd quarter. Bill Few Associates Inc. now owns 3,367 shares of the electric vehicle producer’s stock worth $666,000 after buying an additional 524 shares in the last quarter. Riverview Trust Co increased its holdings in shares of Tesla by 86.8% in the 2nd quarter. Riverview Trust Co now owns 1,864 shares of the electric vehicle producer’s stock worth $369,000 after buying an additional 866 shares during the last quarter. ORG Partners LLC increased its stake in Tesla by 674.9% in the second quarter. ORG Partners LLC now owns 27,510 shares of the electric vehicle producer’s stock valued at $5,773,000 after acquiring an additional 23,960 shares during the last quarter. Finally, GPS Wealth Strategies Group LLC raised its holdings in shares of Tesla by 16.5% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 12,762 shares of the electric vehicle producer’s stock valued at $2,525,000 after buying an additional 1,804 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on TSLA shares. Stifel Nicolaus lifted their price target on shares of Tesla from $287.00 to $411.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Wedbush reiterated an “outperform” rating and set a $400.00 price target on shares of Tesla in a report on Monday, November 18th. Wells Fargo & Company lifted their target price on Tesla from $120.00 to $125.00 and gave the stock an “underweight” rating in a report on Thursday, October 24th. Canaccord Genuity Group upped their price objective on shares of Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Finally, Barclays boosted their target price on Tesla from $220.00 to $235.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Nine investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $257.36.

Read Our Latest Research Report on Tesla

Insider Buying and Selling

In related news, 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 completion of the sale, the director now directly owns 5,400 shares in the company, valued at $1,868,508. This represents a 94.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $374.21, for a total transaction of $975,191.26. Following the completion of the sale, the chief financial officer now directly owns 108,965 shares in the company, valued at approximately $40,775,792.65. This trade represents a 2.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 522,886 shares of company stock worth $171,393,831 in the last quarter. 20.70% of the stock is owned by insiders.

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

(Get Free Report)

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.