Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
- Insider buying can be an encouraging signal for potential investors.
- Some insiders made return trips to the buy window in the past week.
- Two of them were C-level executives, one continuing his "very extreme" purchasing.
Conventional wisdom says that insiders and 10 percent 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 during periods of uncertainty.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Here's a look at a few notable insider purchases reported in the past week.
Continental Resources
Early last week, the Continental Resources, Inc. (NYSE:CLR) board chair and chief executive, Harold Hamm, returned to buy another 191,800 or so shares. At prices that ranged from $42.49 to $43.25 per share, that totaled around $8.22 million. Note that Hamm also acquired 600,000 shares the previous week, and more back in February.
Shares of this Oklahoma City-based exploration and production company have benefited from rising oil prices. The stock ended last week at $44.77 per share, above the purchase price range noted above. While the consensus target was last seen at $58.38, the stock has traded as high as $71.95 in the past 52 weeks.
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
See Also: Vince McMahon Sells $271M Worth Of WWE Stock To Help Fund XFL Reboot
Kinder Morgan
The Kinder Morgan Inc (NYSE:KMI) executive chair of the board, Richard Kinder, picked up more than 219,000 additional shares of this Houston-based energy infrastructure giant. At prices that ranged from $19.70 to $19.75 a share, last week's transactions totaled more than $4.32 million. These purchases were pursuant to a 10b5-1 trading plan.
Barron's recently had a few thoughts on what the "very extreme" insider buying at Kinder Morgan may mean. The stock has rallied around 30 percent year to date and closed most recently at $20.01, above Kinder's latest purchase price range. Shares have traded between $14.62 and $20.44 in the past 52 weeks, but analysts anticipate the price will go to $21.47.
Revlon
Revlon Inc (NYSE:REV) saw a director return to the buy window last week. At $20.08 to $21.77 apiece, the 75,000 shares acquired via trust cost that director nearly $1.57 million. That brought his stake up to almost 45.9 million shares, which compares with less than 50 million shares listed as outstanding.
The beauty and personal care products maker recently posted disappointing earnings and warned of material weakness in its reporting. Its shares ended Friday about 7 percent lower for the week, closing at $19.38 apiece, so the director's latest purchases do not seem well timed. The consensus price target is only $18.00, but the shares traded above $29 as recently as last November.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.