Insight Wealth Strategies LLC Raises Stake in Tesla, Inc. (NASDAQ:TSLA)

Insight Wealth Strategies LLC has upped its investment in Tesla, Inc. (NASDAQ: TSLA) in a move that reflects the firm’s confidence in the electric vehicle maker’s long-term prospects.

The increase in stake is the latest in a string of investments from the wealth management firm, which has become a major player in the Tesla stock market.

The firm purchased an additional 4,000 shares of Tesla’s common stock, bringing its total position to 12,000 shares valued at approximately $7.8 million.

Insight Wealth Strategies has been bullish on Tesla for some time, citing the company’s strong competitive position in the electric vehicle market and its innovative technology.

The firm’s CEO, John Ehrlich, commented on the increased investment: “We believe that Tesla is well positioned to be a leader in the electric vehicle market for many years to come. This latest purchase is a reflection of our ongoing confidence in the company and its products.”

The firm’s increased stake in Tesla comes as the company continues to struggle in the stock market. Tesla’s shares fell more than 4 percent during the last trading day, extending its year-to-date decline to over 40 percent.

Despite the decline, Insight Wealth Strategies remains committed to its position in Tesla. The firm believes that the company’s long-term prospects are still strong, and that the recent decline in the stock price presents an attractive buying opportunity.

Ehrlich added: “We believe that Tesla has the potential to be a major disruptor in the automotive industry and that its long-term prospects remain strong. We are confident that our increased stake in the company will be a profitable one.”