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The year is winding down, and the stock markets are near all-time highs. Opinions on what the new year will bring vary wildly. That is a challenge for investors and portfolio managers trying to position themselves for 2025. The most notable insider purchases in the past week were in the following six stocks. They included a couple of biotech and a couple of energy companies, as well as a specialty retailer. Let’s take a quick look at these transactions.
24/7 Wall St. Key Points:
- Insiders are among those investors positioning themselves for the coming year.
- The most notable insider purchases in the past week were in biotech and energy companies, as well as a specialty retailer.
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Is Insider Buying Important?
A well-known adage reminds us that corporate insiders and 10% owners really only buy shares of a company because they believe the stock price will rise and they want to profit from it. Thus, insider buying can be an encouraging signal for potential investors. This is all the more so during times of uncertainty in the markets, and even when markets are near all-time highs.
The earnings-reporting season has wound down, so fewer insiders are prohibited from buying or selling shares. Below are some of the more notable insider purchases that were reported in the past week, starting with the largest and most prominent.
Revolution Medicines
- Buyer(s): a director
- Total shares: around 1.3 million
- Price per share: $46.00
- Total cost: about $60.0 billion
The director took advantage of a public offering of Revolution Medicines Inc. (NASDAQ: RVMD) shares. This Redwood City-based oncology company’s stock popped after the most recent quarterly report but has pulled back since the secondary offering was announced. Shares were last seen trading for a little less than the purchase price above. The share price is still about 83% higher than a year ago, far outperforming the broader markets. Analysts see plenty more room to run, as their consensus price target is up at $73 per share. All 15 analysts who follow the stock recommend buying shares, five of them with Strong Buy ratings.
AlTi Global
- Buyer(s): 10% owner Tiedemann Advisors
- Total shares: more than 1.9 million
- Price per share: $10.05 to $10.13
- Total cost: about $19.5 million
This buyer has boosted its AlTi Global Inc. (NASDAQ: ALTI) stake to almost 6.5 million shares. Shares of the New York City-based wealth and asset manager are up about 21% since the most recent quarterly report. However, the stock is down around 49% since the beginning of the year. Only one analyst covers the stock, and that analyst’s $9 price target suggests that the share price could double in the coming year. Note that AlTi was formerly known as Alvarium Tiedemann Holdings and changed its name in April 2023.
Aurinia Pharmaceuticals
- Buyer(s): a director
- Total shares: 1.2 million
- Price per share: $8.74 to $9.19
- Total cost: over $10.8 million
After trimming its workforce early in the year, Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) recently had further layoffs as it restructured to tighten its focus on its primary lupus nephritis treatment and accelerate the development of a preclinical asset for autoimmune diseases. This Canadian biotech’s share price is greater than the purchase price range above and over 71% higher than six months ago. Based on the current mean price target of $10.84, the stock has upside of nearly 15% in the coming 12 months. Analysts on average recommend buying shares.
Shoe Carnival
- Buyer(s): Board Chair J. Wayne Weaver
- Total shares: 285,500
- Price per share: $33.91
- Total cost: almost $9.7 million
Shoe Carnival Inc. (NASDAQ: SCVL) just declared its 51st consecutive quarterly dividend and announced a new share repurchase program for up to $50 million. Shares were last seen trading for about the same as the purchase price above. The stock is up over 22% from a year ago, which is shy of the performance of the S&P 500. The $49.00 consensus price target indicates that Wall Street sees more than 45% upside potential for the coming year. Analysts on average recommend buying shares. Note that Weaver has a stake of almost 4.2 million shares, making him a beneficial owner.
Mach Natural Resources
- Buyer(s): a director
- Total shares: less than 363,800
- Price per share: $14.61 to $15.25
- Total cost: around $5.0 million
Anadarko Basin-focused independent upstream oil and gas company Mach Natural Resources L.P. (NYSE: MNR) recently completed two acquisitions and raised $129 million in a public offering. The share price is almost 9% lower than a year ago, much of that retreat coming after the announcement of the offering. But shares were last seen still within the purchase price range above. The $23.25 consensus price target indicates that analysts see plenty of room to run in the next 52 weeks. All four analysts who cover the stock recommend buying shares. Trust Securities initiated its coverage last week.
PBF Energy
- Buyer(s): 10% owner Control Empresarial de Capitales
- Total shares: 137,000
- Price per share: $29.87 to $30.01
- Total cost: about $4.1 million
This Carlos Slim-controlled investment firm has been scooping up shares of PBF Energy Inc. (NYSE: PBF) since early June. Now its stake is up to around 28.0 million shares. The New Jersey-based refiner posted mixed quarterly results and hiked its dividend at the end of October. The stock has been in retreat since early April, hit a new 52-week low last month, and was last seen trading for less than the buyer’s latest purchase price range. Analysts have a mean price target of $31.23, which represents over 6% upside potential in the next 12 months. Yet, none of the 15 analysts who follow the stock recommends acquiring shares.
And Other Insider Buying
In the past week, some insider buying was reported at American Homes 4 Rent, APA, Booz Allen Hamilton, Bowlero, Dave & Buster’s, FS KKR Capital, Hormel Foods, Hubbell, Illinois Tool Works, Johnson & Johnson, Matador Resources, MSCI, Norfolk Southern, and SAIC as well.
Stock Splits Matter: Here’s What’s Coming in December
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