Last Week’s Notable Insider Buys: Carnival, Citigroup And More
- Insider buying can be an encouraging signal for potential investors when markets face uncertainty.
- More initial public offerings encouraged insiders to buy shares last week.
- Insiders also have bought into a big bank, an asset manager and a cruise operator.
Conventional wisdom says that insiders and 10% owners really only buy shares of a company for one reason — they believe the stock price will rise and they want to profit from it. So insider buying can be an encouraging signal for potential investors, particularly when markets are near all-time highs.
Insiders continued to add shares despite market volatility and economic uncertainty. Here are some of the most noteworthy insider purchases reported in the past week.
Biotechnology company Shattuck Labs Inc (NASDAQ: STTK) saw beneficial owner Redmile Group step up to the buy window after the initial public offering. At $17.00 to $22.10 per share, the more than 3.44 million shares totaled nearly $59.66 million. Shares closed Friday’s trading at $20.00, down from a post-IPO high of $22.90 seen on the first day of trading.
Last week, a Brookfield Asset Management Inc (NYSE: BAM) director added almost 2.13 million shares at $15.00 apiece. That totaled more than $31.94 million and brought …