Last week, the CEO and 10% Owner of Tesla Motors (TSLA) Elon Musk made a $100,000,000 buy into his company. The CEO bought a total of 1,084,129 shares of Tesla Motors at $92.24 per share. This buy cost him exactly $100,000,058.96 and represents the priciest insider buy reported for the company.
This buy is also the first insider buy for the company since Musk’s buy in October 2012. Musk currently holds over 28 million shares of his company’s stock. Since his most recent buy, the price per share has gone up 0.38%.
Elon Musk is a South African-American entrepreneur. He is best known for founding SpaceX and co-founding Tesla Motors and PayPal. Forbes recognizes him as ranked No. 181 richest of America’s Billionaires, No. 66 Powerful People and No. 190 in the Forbes 400. As of March 2013, his net worth is estimated at $2.7 billion. Alongside his stake in Tesla Motors, Musk maintains a chairman position and 10% ownership of SolarCity, a company run by Musk’s cousin Lyndon Rive.
Tesla Motors was founded in 2003 in the Silicon Valley of California. The company is headquartered in Palo Alto, Calif., and currently maintains 31 stores and service locations worldwide. Tesla Motors designs, develops, manufactures and sells high-performance fully electric vehicles and advanced electric vehicle powertrain components. It owns its sales and service network and has operationally structured its business in a manner that it believes will enable it to rapidly develop and launch advanced electric vehicles and technologies.
Tesla’s first quarter results reported:
· The gross margin doubled from the previous quarter to 17%.
· Reached record sales of $562 million, up 83% from the previous quarter.
· Delivered 4,900 vehicles.
· The U.S. demand expected to exceed 15,000 per year.
The GuruFocus analysis on Tesla Motors reports:
· The company has issued $404.712 million of debt in the past three years.
· The company’s price is sitting near its all-time high of $97.76.
The 10-year financials on the company show that Tesla Motors’ revenue growth has shot up 335.7% in the past year alone. Since the beginning of the year, the price per share has shot up approximately 173%.
Tesla Motors has a market cap of $11.49 billion; its shares were traded at around $92.59 with a P/S ratio of 11.70.
There are currently seven gurus that maintain shares of Tesla Motors. To see these gurus and the shares they hold, click here.
Tesla Motors is holding its 2013 Annual Stockholder Meeting tomorrow at 3:00 p.m. PT.
- CEO Buys, CFO Buys: Stocks that are bought by their CEO/CFOs.
- Insider Cluster Buys: Stocks that multiple company officers and directors have bought.
- Double Buys:: Companies that both Gurus and Insiders are buying
- Triple Buys: Companies that both Gurus and Insiders are buying, and Company is buying back.