In the world of finance, insider trades can offer valuable insights into a company's financial health and future prospects. Here's a recap of some of the biggest insider trades you might have missed this past week.
SoFi Technologies CEO, Anthony Noto, continues to demonstrate his confidence in the company's future by buying more shares despite the recent share pressure due to the SVB Financial collapse. Noto purchased 45,000 shares worth $242,712, adding to the 180,000 shares he bought earlier this month. SoFi Technologies issued a statement last week asserting its financial health and informing its investors that it does not hold assets with Silicon Valley Bank.
Charles Schwab CEO, meanwhile, bought 50,000 shares of the company during his interview with CNBC on Tuesday. The company has received upgrades from Citi and Credit Suisse, and is set to report its Q1/23 earnings next month. Wall Street analysts expect $0.95 EPS, up from $0.77 last year. However, shares fell nearly 4% this week.
Centene CEO, Sarah London, bought 30,000 shares worth nearly $1.9 million at $62.60. Deutsche Bank downgraded the company to Hold from Buy and cut its price target earlier this month, citing concerns over the risk of redeterminations and the risks to Medicare Advantage membership/profits.
United Airlines Director, Edward Shapiro, bought 25,000 shares worth more than $1 million at $42.5859. The airline lowered its outlook recently, and shares fell more than 15% this week.
Enovix Chairman, Thurman John Rodgers, bought 129,111 shares worth $1.35 million at $10.47, and shares gained more than 17% this week.
Devon Energy also saw a couple of insider buys amid recent weakness on lower oil prices. CEO, Richard Muncrief, purchased 7,500 shares worth $377,250 at $50.30, and COO Clay Gaspar purchased 20,000 shares worth nearly $1 million at $49.98. However, shares closed the week with more than a 9% loss.
As always, it's important to keep in mind that insider trades are just one piece of the puzzle when it comes to assessing a company's financial health and future prospects. But they can provide useful insights for investors who are looking for clues about where to invest their money.
