As the month of September begins on a bearish note for the majority of assets in the stock market, investors are looking at shares to add to their portfolios that might offer potential for profit, and sometimes insider trading activity for certain stocks can help them decide.
Specifically, there are two particular stocks that their company’s staff or other related individuals have been buying relentlessly lately, spending millions on them and signaling that they strongly believe these shares are on track to gain, based on TipRanks’ Insiders’ Hot Stocks tool data.
Indeed, the first is the stock of Bill.com Holdings (NYSE: BILL), a cloud accounting and paperwork software provider for small- and medium-sized businesses, the price of which is currently $54.69, recording a 3.68% gain on the day, growing 2.53% across the week, and advancing 23.18% in the past month, as per data on September 5.
As it happens, BILL’s chief finance officer (CFO), John Retting, recently purchased 21,124 BILL stocks for $1.04 million, followed by the company Board member Brian Jacobs, who bought 25,000 shares for $1.34 million, and CEO Rene Lacerte, who spent $2.1 million on 42,248 BILL stocks.
#2 Butterfly Network stock (BFLY)
In second place is Butterfly Network (NYSE: BFLY), a company that aims to “democratize medical imaging” by making it accessible to everyone and has developed a portable Ultrasound-on-Chip tech. Its stock currently stands at $1.51, up 26.89% on the day, soaring 56.27% this week and accumulating a growth of 49.50% this month.
Meanwhile, Larry Robbins of the Butterfly Network’s Board of Directors has recently bought 1,676,869 shares of the BFLY stock, paying just over $1.68 million for the shares. Although he is the only recent “informative buy” insider trader of BFLY stock, his purchases illustrate his strong conviction about their future.
Conclusion
All things considered, the above stocks seem to be among insider traders’ darlings, which indicates the possibility of their further price increases, considering the insiders’ confidence. However, doing one’s own research is critical when investing as trends in the stock market can shift.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/2-stocks-popular-among-insider-traders/