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Another stock that insiders are snapping up shares in here is
Tesla Motors(TSLA - Get Report), which designs, develops, manufactures and sells electric vehicles and advanced electric vehicle powertrain components. Insiders are buying this stock into some modest weakness here, since shares are down by 12% in the last six months.
Tesla Motors has a market cap of $2.98 billion and an enterprise value of $3.22 billion. This stock trades at a premium valuation, with a forward price-to-earnings of 74.34. Its estimated growth rate for this year is -35.5%, and for next year it's pegged at 112.9%. This is not a cash-rich company, since the total cash position on its balance sheet is $210.55 million and its total debt is $438.97 million.
The CEO and beneficial owner just
bought 35,398 shares, or about $999,000 worth of stock, at $28.25 per share.
From a technical perspective, TSLA is currently trading below both its 50-day and 200-day moving averages, which is bearish. This stock has been trending range bound for the last two months, with shares moving between $27.30 on the downside and $32.78 on the upside. A move outside of that range in the near future will likely setup the next major trend for TSLA.
If you're in the bull camp on TSLA, then I would look for long-biased trades as long as it's trending above its 200-day at $30.97, and then once it manages to break out above some near-term overhead resistance at $32.78 a share with high volume. Look for a sustained move or close above that level with volume that hits near or above its three-month average action of 1,420,580 shares. If that breakout triggers soon, then look for TSLA to re-test or take out its next significant overhead resistance level at $36 a share.