Top insider trades (Fri, Jul 24)

Today’s Largest Unscheduled Trades

There were 52 new insider trades filed.

No insider trades were flagged as High Signal, but I shared my notes on the $500k purchase by the new CEO at Conagra (CAG).

CEO Watcher Premium subs can see those notes in later sections of this email.

Today’s largest unscheduled insider trades:

• Chief Executive Officer at 51Talk Online Education Group $COE purchased $10.49M (3rd largest purchase, out of 8). Dip Buy: the stock was down -39% in the previous 3 months. This insider has purchased the stock 6 times in the last 30 days. Part of a 10b5-1 plan.

• 10% Owner (Aqua Capital, Ltd.) at ENERGIZER HOLDINGS, INC. $ENR purchased $2.43M (largest purchase ever, out of 15). This insider has purchased the stock 7 times in the last 30 days.

• Director (Patzwahl Nancy Koskey) at Rhinebeck Bancorp, Inc. $RBKB purchased $298.50K (first-ever purchase). This increased their listed holdings by 1,101%. Dip Buy: the stock was down -30% in the previous month. 1 other insider also purchased the stock in the last 30 days.

• Director (Loughlin Suzanne) at Rhinebeck Bancorp, Inc. $RBKB purchased $149.12K (first-ever purchase). This increased their listed holdings by 21%. Dip Buy: the stock was down -30% in the previous month. 1 other insider also purchased the stock in the last 30 days.

• Director (Kennedy TJ) at Byrna Technologies Inc. $BYRN purchased $102.28K (largest purchase ever, out of 5). Dip Buy: the stock was down -38% in the previous month. 3 other insiders also purchased the stock in the last 30 days.

• Chief Executive Officer at Byrna Technologies Inc. $BYRN purchased $76.69K (first-ever purchase). This increased their listed holdings by 24,564%. Dip Buy: the stock was down -35% in the previous month. 3 other insiders also purchased the stock in the last 30 days.

• Director (Hughes Herbert) at Byrna Technologies Inc. $BYRN purchased $74.25K (first-ever purchase). Dip Buy: the stock was down -38% in the previous month. Reversal: they made 6 straight sales before this purchase. 3 other insiders also purchased the stock in the last 30 days.

• Director (Sawyer Jason David) at Greenland Mines Ltd $GRML purchased $55.94K. Dip Buy: the stock was down -50% in the previous 3 months. 2 other insiders also purchased the stock in the last 30 days.

• 10% Owner (Lomashuk Konstantin) at FORUM MARKETS Inc $FRMM sold $1.50M (largest sale ever, out of 4). This decreased their listed holdings by -16%. Dip Sell: the stock was down -75% in the previous year. This insider has sold the stock 4 times in the last 30 days.

• 10% Owner (GV 2019 GP, L.L.C.) at Ethos Technologies Inc. $LIFE sold $1.39M (7th largest sale, out of 19). Rip Sell: the stock was up 26% in the previous month. This insider has sold the stock 3 times in the last 30 days.

• Principal Executive Officer at PagSeguro Digital Ltd. $PAGS sold $462.75K (2nd largest sale, out of 2). This decreased their listed holdings by -12%. This insider has sold the stock 2 times in the last 30 days.

• 10% Owner (NPEH, LLC) at NET Power Inc. $NPWR sold $318.69K (25th largest sale, out of 31).

• President & CEO at Bank7 Corp. $BSVN sold $312.07K (6th largest sale, out of 14). 1 other insider also sold the stock in the last 30 days.

• Exec. Vice President; CCO at Bank7 Corp. $BSVN sold $247.67K (2nd largest sale, out of 5). 1 other insider also sold the stock in the last 30 days.

• Director (Bahrambeygui Sherry S.) at PRICESMART INC $PSMT sold $149.41K (25th largest sale, out of 31). 2 other insiders also sold the stock in the last 30 days.

• and more…

CEO Watcher Update

This was the worst week in a long time for the CEO Watcher Portfolio. The largest pullbacks this week were in the more speculative software names we own, with the three of them down over 15% each due to renewed AI fears (corresponding with the AI bounce this week). They are still up 45%, 47%, and 10% respectively, so hopefully this is just a temporary pullback. None of them have reported earnings yet, so we’ll know if the theses are still on track at that point.

Note: for some reason, IBKR hasn’t updated the S&P returns for 3 days, which makes the S&P performance look significantly better than it actually is over the last week.

Overall, the CEO Watcher Portfolio is still outperforming the S&P by 20 points since starting the portfolio at the end of October.

CEO Watcher High Signal List

Unsurprisingly, things didn’t go much better for the High Signal List.

We did add two new names this week, but the average weekly returns for the 194 names on the list were -3.59% (v -1.08% for the S&P).

Similar to the Portfolio, the High Signal List will struggle any time the AI trade outperforms, as very few insiders are buying AI stocks.

Overall, the average name on the High Signal List is still outperforming the S&P by almost 10 points, with an average Max Return of 44% (v 10% for the S&P).

S&P 500

The S&P chart still looks brutal. It was down another 1% this week, and that was with semiconductors up almost 5%.

My hunch is that semis are not going to have a v-shaped recovery and will chop around like the S&P has been, which will make for a very interesting market.

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CEO Watcher Premium

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