Blue Star (NASDAQ: BSFC) Insiders Are Buying Stock

Blue Star (NASDAQ: BSFC) Insiders Are Buying Stock

One indicator of where a company’s stock might be going in the future can be understood by what insiders may be thinking of the Company’s current stock price and near-term future outlook. Insiders are considered C-Suite Executives, a member of the Board of Directors, and anyone (person or company) that owns over >10.0% of a Company’s outstanding shares.

When Insiders are buying, that is a possible clue about what the people who know the company the best are feeling about the price today versus the future news flow or operating performance over the next couple of quarters. Cheap Stock prices and Exciting News sometimes equal Insider Buying.

Insider Buying at Blue Star Foods Corp. BSFC

Since July 2022, according to SEC Reports, specifically a search of parties filing Form 4s, 3 of the independent directors of Blue Star Foods Corp. BSFC have executed open market transaction buying of common stock, of which 2 of those directors bought shares within the last 2 weeks. That’s almost half (3 out of 7) of the board of directors buying shares in the company.

Why is Insider Buying an important indicator?

In the last 30 days, of the 6,625 public companies on the NYSE, NASDAQ, and NYSE American, only 227 filed SEC Form 4s for only the purpose of indicating open market buying of shares by insiders.

There are several companies like IMARA Inc. IMRA, Cabaletta Bio, Inc. CABA, Tango Therapeutics, Inc. TNGX, DICE Therapeutics, Inc. DICE, MacroGenics, Inc. MGNX, Texas Pacific Land Corporation TPL, ESSA Pharma Inc. EPIX, Mayville Engineering Company, Inc. MEC, Jupiter Wellness, Inc. JUPW, and Riley Exploration Permian, Inc. REPX that are up over 30% over the last 60 days, possibly as a result of insider buying.

 

 

SEC Form S4 Insider Buying and Stock Market Performance (last 30 days) as of 11/8/2022 

 

Company Name

 

Transaction Type

 

Market Cap

 

Market Cap

 

Performance

 

Industry

 

Sub-Sector

 

Stock Symbol

 

Last 30 days

 

9/7/2022

 

11/7/2022

 

Last 60 days 

 

Group

 

Classification

 

IMARA Inc. IMRA

 

Insider Buying

 

$52.8

 

$117.2

 

+121.9%

 

Healthcare

 

Pharmaceuticals

 

Cabaletta Bio, Inc. CABA

 

Insider Buying

 

$29.3

 

$63.3

 

+115.8%

 

Healthcare

 

Biotechnology

 

Tango Therapeutics, Inc. TNGX

 

Insider Buying

 

$316.8

 

$683.4

 

+115.7%

 

Healthcare

 

Biotechnology

 

DICE Therapeutics, Inc. DICE

 

Insider Buying

 

$803.2

 

$1,441.2

 

+79.4%

 

Healthcare

 

Pharmaceuticals

 

MacroGenics, Inc. MGNX

 

Insider Buying

 

$260.0

 

$394.7

 

+51.8%

 

Healthcare

 

Biotechnology

 

Texas Pacific Land Corporation TPL

 

Insider Buying

 

$14,166.6

 

$20,918.2

 

+47.7%

 

Energy

 

Oil and Gas E&P

 

ESSA Pharma Inc. EPIX

 

Insider Buying

 

$102.2

 

$144.6

 

+41.4%

 

Healthcare

 

Biotechnology

 

Mayville Engineering Company MEC

 

Insider Buying

 

$140.6

 

$195.5

 

+39.0%

 

Industrials

 

Machinery

 

Jupiter Wellness, Inc. JUPW

 

Insider Buying

 

$16.9

 

$23.2

 

+37.3%

 

Staples

 

Personal Products

 

Riley Exploration Permian REPX

 

Insider Buying

 

$471.6

 

$633.9

 

+34.4%

 

Energy

 

Oil and Gas E&P

Source:  S&P Capital IQ (as of 11/8/2022)

All Market Caps in Millions of USD

Many of these companies have not had any major investments from strategic institutions, or a major news development. Some of the upward performance could be attributed to the market taking Insider Buying as a Buy indicator to get involved.

How could this affect Blue Star?

As of November 8th, 2022, the Company trades at $0.90 per share, which is up from the 52-week low of $0.61 cents a share. In the meantime, the Company has just had its first major Investment Bank sponsored Equity Research from Roth Capital which initiated with a $3.00 stock price - https://www.benzinga.com/news/22/11/29543588/roth-capital-initiates-coverage-on-blue-star-foods-with-buy-rating-announces-price-target-of-3 — this does not mean that the stock will be going up for sure, but traders may want to keep their eyes on indicators like this and see what happens next.

 

Image sourced from Shutterstock

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.

Posted In: Blue Star Foods CorpNewsPenny StocksSmall Cap