Last Week's Notable Insider Buys: PennyMac Financial, Republic Services And More

Gray High Rise Buildings

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 there is uncertainty in the markets or the markets are near all-time highs.

As we are between earnings-reporting seasons, plenty of insiders are free to add to their stakes. Here are some of the most noteworthy insider purchases that were reported in the past week.

DigitalOcean Holdings Inc (DOCN) saw an insider, listed as an associate of a 10% owner, indirectly acquire just shy of $100 million worth of shares. That was more than 2.12 million shares of this cloud computing company at an initial public offering price of $47 apiece. The stock ended the week at $43.80 per share.

Florida-based marketing company Digital Media Solutions Inc (DMS) also saw a recent big insider purchase. One of its directors picked up more than 5.62 million shares at a price of $9.49 apiece. That cost that director more than $53.37 million, and it lifted his stake to over 7.62 million shares, which makes him a beneficial owner.

Two Edgewise Therapeutics Inc (EWTX) directors and two other insiders took advantage of the IPO to purchase over 1.62 million shares altogether of this Boulder, Colorado-based biopharma company. At $16 per share, that totaled around $20.30 million. The shares ended last week's trading at $30.01.

Also taking advantage of a public offering, one director acquired more than 739,800 Verrica Pharmaceuticals Inc (VRCA) shares via trust recently. At the listed offering price of $14.75 per share, the total for that came to over $10.91 million. The dermatology therapeutics company's stock ended last week trading at $15.33 a share.

A director at PennyMac Financial Services Inc (PFSIreturned to the buy window in the past week. That director added over 223,100 more shares to its stake, bringing the total to almost 1.51 million shares. At prices that ranged from $64.36 to $65.00 per share, the latest transactions totaled around $14.96 million.

1 2
View single page >> |

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

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.