Last Week's Notable Insider Buys: Activision, Avis Budget, Energy Transfer, And More

Last Week's Notable Insider Buys: Activision, Avis Budget, Energy Transfer And More

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Insider buying can be an encouraging signal for potential investors, especially when markets face uncertainty or are near all-time highs. A couple of chief executive officers and an executive board chair were among the insiders buying shares this past week. As well, a master limited partnership, a real estate investment trust, and a conglomerate were among companies that participated in notable insider buying.

Note that, though earnings reporting season is waning, some insiders are still prohibited from buying or selling shares. Here are some of the most noteworthy insider purchases that were reported in the past week.

Chief Executive Officer Robert Duggan of Summit Therapeutics Inc (SMMT) bought more than 11.36 million shares, and another executive picked up almost 389,100 shares via trust, all at an offering price of $5.24 apiece. These purchases totaled over $61.59 million altogether and lifted Duggan's stake to more than 67.66 million shares.

The purchase of about 667,980 more PennyMac Financial Services Inc (PFSI) shares last week by a director (and frequent buyer) for $56.84 to $58.86 per share totaled $38.66 million. It also raised that director's stake to more than 2.17 million shares. Note that the stock ended the week trading at around $60.25 a share.

Wireless communication company Radius Global Infrastructure Inc saw a pair of beneficial owners indirectly buy 925,000 shares each in the wake of better than expected first-quarter sales numbers. At $13.95 per share, these insider purchases added up to more than $25.8 million altogether.

The Avis Budget Group Inc. (CAR) executive board chair, Bernardo Hees, indirectly scooped up 63,000 shares midweek. At prices ranging from $74.94 to $79.94 a share, the purchases totaled around $5 million. The timing looks fortunate, as the stock ended last week trading at around $86.83 a share.

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Disclosure: At the time of this writing, the author had no position in the mentioned equities.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights ...

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