Top insider trades (Fri, May 22)

Today’s Largest Unscheduled Trades

There were 271 new insider trades filed.

No insider trades were flagged as High Signal, but our system gave 3 insider purchases high scores (I shared our system’s notes on those in the High Scoring Purchases - Quick Notes). I also shared my notes on why I passed on a couple of highly scored insider purchases.

We also found 4 insider purchases from insiders who average 20%+ 1y returns.

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

As a reminder, if you upgrade to CEO Watcher Premium (link) and find that it isn’t for you, I’ll give you a refund.

• 10% Owner (DART KENNETH BRYAN) at Flutter Entertainment plc $FLUT purchased $16.81M. Dip Buy: the stock was down -59% in the previous year. 7 other insiders also purchased the stock in the last 30 days. Is part of a dividend reinvestment.

• 10% Owner (Tether Global Investments Fund, S.I.C.A.F., S.A.) at Gold.com, Inc. $GOLD purchased $5.72M (2nd largest purchase, out of 3). Rip Buy: the stock was up 58% in the previous 6 months. This insider has purchased the stock 2 times in the last 30 days.

• Director (GARDEN EDWARD P) at Fortune Brands Innovations, Inc. $FBIN purchased $2.00M (37th largest purchase, out of 41). Dip Buy: the stock was down -35% in the previous 3 months. This insider has purchased the stock 2 times in the last 30 days.

• Executive Chairman at American Assets Trust, Inc. $AAT purchased $1.70M (39th largest purchase, out of 188). This insider has purchased the stock 3 times in the last 30 days.

• Director (Bobbili Raja) at ContextLogic Holdings Inc. $LOGC purchased $1.31M (4th largest purchase, out of 6).

• Director (Haveli Investments, L.P.) at Blend Labs, Inc. $BLND purchased $1.16M (11th largest purchase, out of 13). Dip Buy: the stock was down -56% in the previous year. This insider has purchased the stock 3 times in the last 30 days.

• 10% Owner (Voss Capital, LP) at Xponential Fitness, Inc. $XPOF purchased $963.89K (4th largest purchase, out of 7). This increased their listed holdings by 22%. Dip Buy: the stock was down -20% in the previous month.

• Director (COHEN JONATHAN Z) at Norwegian Cruise Line Holdings Ltd. $NCLH purchased $474.90K (9th largest purchase, out of 45). This increased their listed holdings by 336%. Dip Buy: the stock was down -34% in the previous 3 months. 4 other insiders also purchased the stock in the last 30 days.

• Director (Sabater Carlos A.) at KBR, INC. $KBR purchased $470.81K (first-ever purchase). This increased their listed holdings by 68%. 3 other insiders also purchased the stock in the last 30 days.

• Chief Executive Officer at Better Home & Finance Holding Co $BETR purchased $388.33K (3rd largest purchase, out of 11). This increased their listed holdings by 15%. Dip Buy: the stock was down -46% in the previous month. 2 other insiders also purchased the stock in the last 30 days. Part of a 10b5-1 plan.

• Director (Hoffmann David Henry) at LEE ENTERPRISES, Inc $LEE purchased $304.11K (7th largest purchase, out of 10). Rip Buy: the stock was up 21% in the previous week. This insider has purchased the stock 3 times in the last 30 days.

• Director (Beit-On Harel Moshe) at SIMILARWEB LTD. $SMWB purchased $291.75K (first-ever purchase). Rip Buy: the stock was up 41% in the previous month. 2 other insiders also purchased the stock in the last 30 days.

• Director (Habiger David C) at BOSTON SCIENTIFIC CORP $BSX purchased $251.10K (largest purchase ever, out of 17). This increased their listed holdings by 47%. Dip Buy: the stock was down -24% in the previous 3 months. 2 other insiders also purchased the stock in the last 30 days.

• Director (ROBBINS LARRY) at CVS HEALTH Corp $CVS sold $317.47M (largest sale ever, out of 2). This decreased their listed holdings by -43%. Rip Sell: the stock was up 21% in the previous month. Their last sale was 380 days ago. 1 other insider also sold the stock in the last 30 days.

• Director (Chen Jeffrey) at ASE Technology Holding Co., Ltd. $ASX sold $13.19M (2nd largest sale, out of 7). Rip Sell: the stock was up 34% in the previous 3 months. 1 other insider also sold the stock in the last 30 days.

• Chief Legal Officer at ARM HOLDINGS PLC /UK $ARM sold $8.80M (2nd largest sale, out of 2). This decreased their listed holdings by -100%. Rip Sell: the stock was up 46% in the previous month. 4 other insiders also sold the stock in the last 30 days.

• Director (Mindlin Marcos Marcelo) at Pampa Energy Inc. $PAM sold $6.27M (largest sale ever, out of 5). This insider has sold the stock 4 times in the last 30 days.

• Director (Mayer Michael Goodwin) at FIRST BANCORP /NC/ $FBNC sold $2.60M (largest sale ever, out of 4). This decreased their listed holdings by -51%. Their last sale was 372 days ago.

• Director (Yeo Mui Sung) at KULICKE & SOFFA INDUSTRIES INC $KLIC sold $2.00M (largest sale ever, out of 2). This decreased their listed holdings by -25%. Rip Sell: the stock was up 20% in the previous month. 1 other insider also sold the stock in the last 30 days.

• EVP, Chief Financial Officer at Permian Resources Corp $PR sold $1.28M (first-ever sale). This decreased their listed holdings by -10%.

• CAO, Exec. VP, Assist. Sec. at Diamondback Energy, Inc. $FANG sold $1.03M (2nd largest sale, out of 43). Rip Sell: the stock was up 53% in the previous year. 4 other insiders also sold the stock in the last 30 days.

• Chief Compliance Officer at Aveanna Healthcare Holdings, Inc. $AVAH sold $948.54K (largest sale ever, out of 2). This decreased their listed holdings by -37%.

• CO-CHAIRMAN at HOULIHAN LOKEY, INC. $HLI sold $941.38K (10th largest sale, out of 16). Their last sale was 366 days ago.

• Chief Operating Officer at Bandwidth Inc. $BAND sold $858.66K (2nd largest sale, out of 3). This decreased their listed holdings by -19%. Rip Sell: the stock was up 144% in the previous month. 5 other insiders also sold the stock in the last 30 days.

• and more…

Weekly Update

A decent week in the market for the CEO Watcher Portfolio. We beat the S&P by over 2 points (+1.24% v -0.91%). Our software names had a pretty great week. Let’s see if that continues.

This brings our overall outperformance (since starting the portfolio at the end of October) back above 10 points (+18.12% v +7.87%).

As a reminder, we’re actually beating the S&P by closer to 15 points because I accidentally placed a large purchase meant for my personal portfolio in the CEO Watcher Portfolio and had to sell during illiquid pre-market hours and lost the portfolio 5%.

CEO Watcher High Signal List

The CEO Watcher High Signal List had a killer week, with average returns above 4%. The software and professional services industries had great weeks, and because that is where most of the compelling insider buying has been, our High Signal List had a great week as well.

We continue to see strong 1M and 3M outperformance from the names on the list (I’ll add longer timeframes once enough names cross the threshold).

Insider Sentiment

We may be starting to see a slight decline in insider sentiment overall, but we are still near the same level we have been for the last two months.

Insider sentiment spends the vast majority of its time between the “bullish” and “very bullish” thresholds. When it breaks above/below those, it is worth paying attention.

S&P 500

We had a bit of consolidation this week, but we are clearly still in a strong uptrend.

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