Notable Insider Buys In The Week Of Christmas: Foot Locker, GameStop, NetApp And More

Notable Insider Buys In The Week Of Christmas: Foot Locker, GameStop, NetApp And More

  • Insider buying can be an encouraging signal for potential investors when markets face uncertainty.
  • Insider purchases of biopharmaceutical company and specialty retailer shares were reported last week.
  • Some insiders took advantage of initial public an secondary offerings as well.

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, as there has been due to the pandemic resurgence and political issues.

Here are some of the most noteworthy insider purchases that were reported in the past week, as the year winds down and investors ponder the new year.

The recent Bioatla Inc BCAB 1.49% IPO encouraged a former 10% owner and a director to buy in. The almost 2.19 million shares they acquired altogether at $18 per share added up to around $39.4 million. Shares of this San Diego-based biopharma company ended last week's trading at $31.82 apiece.

Daniel Loeb, a 10% owner, purchased a big block of Upstart Holdings Inc UPST 5.09% shares at the initial public offering price of $20 apiece. The total for the 1.20 million shares of this cloud-based lending platform operator that owner acquired added up to $24 million. The shares ended the week's trading at $43.96 apiece, after hitting a post-IPO high of $51.40.

GameStop Corp. GME 1.9% recently saw a beneficial owner indirectly acquire almost $757,000 shares of this specialty retailer. Prices ranged from $14.77 to $16.02 per share. The transactions added up to more than $19.02 million and raised the stake to approximately 9 million shares. The stock closed most recently at $20.15, above the owner's purchase price range.

A director at Arvinas Inc ARVN 3.11% indirectly purchased over 142,800 shares of this New Haven, Connecticut biopharmaceutical company in a secondary offering. At the offering price of $70 per share, the total for this transaction came to nearly $10 million. Shares were last seen trading at more than $82.

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

© 2020 Benzinga does not provide investment advice. All rights reserved.

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