"Earlier this week, Tesla ( NASDAQ: TSLA) CEO Elon Musk bought nearly $1 billion worth of stock, reinforcing his push for greater control of the company. In fact, he picked up 2,568,732 shares at prices ranging from $371.38 to $396.54 a share. This was also Elon Musk's first open-market stock buy since February 2020, when we bought 13,037 shares for about $10 million."
"Lyft ( NASDAQ: LYFT) just bought 5,926 shares for $100,000 earlier this month, paying an average price of $16.875 per share. While we would wait to buy the overbought stock on dips, there is a lot to like long-term. For one, the company is still seeing strong demand with record bookings and rides. Most recently, the company saw a 12% year-over-year jump in record gross bookings at $4.5 billion."
Insider buying can indicate company confidence, but investors should perform independent technical and fundamental analysis before acting. Elon Musk purchased about 2,568,732 Tesla shares worth nearly $1 billion at prices between $371.38 and $396.54, marking his first open-market buy since February 2020 when 13,037 shares were purchased for about $10 million. Wedbush reiterated an outperform rating with a $500 target, while Tesla trades at roughly 186x earnings, suggesting waiting for a pullback. Lyft purchased 5,926 shares at an average $16.875, with record gross bookings of $4.5 billion (up 12%) and rides up 14% to 234.8 million; Lyft trades near 1x sales and shows attractive longer-term demand dynamics. Shares of Ryan Specialty Holdings fell from about $60 to a recent low of $50.08.
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