Tesla (TSLA) stock soared on Monday alongside news that founder and CEO Elon Musk had purchased shares of TSLA. The Tesla CEO purchased a total of 2,568,732 shares of TSLA stock via several transactions on Friday. The purchase price for these shares ranged from $371.90 to $396.36, which brought the total value to roughly $1 billion.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
All of the stock purchases made by Elon Musk on Friday added to his indirect holdings of TSLA shares. This brought his indirect holdings through the Elon Musk Revocable Trust, which Musk is the trustee of, to 413,362,808. The Securities and Exchange Commission (SEC) filing for the purchases also lists his direct share holdings at 96 million units.
Investors will note that Elon Musk doesn’t often purchase Tesla shares through the open market. The last time he did so was in 2020 when he bought 200,000 shares for roughly $10 million.
Tesla Stock Movement Today
Tesla stock was up 7.87% on Monday, following a 7.36% rally on Friday. However, the shares have fallen 1.96% year-to-date but remained up 74.59% over the past 12 months.
Wedbush analyst Dan Ives spoke about the purchase with CNBC. He noted it “is a huge sign of confidence for Tesla bulls and shows Musk is doubling down on his Tesla A.I. bet.” Ives also reiterated an Outperform rating and $500 price target for TSLA stock in a research note released over the weekend.
Is Tesla Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Tesla is Hold, based on 14 Buy, 13 Hold, and seven Sell ratings over the past three months. With that comes an average TSLA stock price target of $313.62, representing a potential 20.79% downside for the shares.
