Top insider trades (Thu, May 7)

Connor’s Commentary

There were 241 new insider trades filed.

1 insider trade was flagged as High Signal (and added to CEO Watcher). This is a very compelling insider purchase at a software company (an industry with significantly above-average insider buying right now, which you’ll see in the commentary section).

My notes are shared with CEO Watcher Premium subs in the Trade Notes section of this email (just scroll down).

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.

• Director (GENERAL ATLANTIC, L.P.) at ALKAMI TECHNOLOGY, INC. $ALKT purchased $25.84M (3rd largest purchase, out of 19). This insider has purchased the stock 2 times in the last 30 days.

• Chief Executive Officer at Sportradar Group AG $SRAD purchased $4.55M (largest purchase ever, out of 2). This increased their listed holdings by 14%. Dip Buy: the stock was down -20% in the previous month. 6 other insiders also purchased the stock in the last 30 days.

• Chairman of the Board & CEO at INSPERITY, INC. $NSP purchased $2.87M (2nd largest purchase, out of 2). Dip Buy: the stock was down -17% in the previous week.

• 10% Owner (ADAR1 Capital Management, LLC) at Rallybio Corp $RLYB purchased $2.18M (2nd largest purchase, out of 2). This increased their listed holdings by 24%. Rip Buy: the stock was up 69% in the previous month.

• MD & Group CEO at Telix Pharmaceuticals Ltd $TLX purchased $996.74K (first-ever purchase). Rip Buy: the stock was up 56% in the previous 3 months.

• Director (WELCH M SCOTT) at PATRICK INDUSTRIES INC $PATK purchased $886.67K (4th largest purchase, out of 59). Dip Buy: the stock was down -25% in the previous month. 4 other insiders also purchased the stock in the last 30 days.

• Chief Executive Officer at PATRICK INDUSTRIES INC $PATK purchased $880.00K (largest purchase ever, out of 4). Dip Buy: the stock was down -25% in the previous month. Reversal: they made 27 straight sales before this purchase. Their last purchase was 3823 days ago. 4 other insiders also purchased the stock in the last 30 days.

• President - RV at PATRICK INDUSTRIES INC $PATK purchased $505.02K (first-ever purchase). This increased their listed holdings by 15%. Dip Buy: the stock was down -25% in the previous month. 4 other insiders also purchased the stock in the last 30 days.

• President of Risk & Broking at WILLIS TOWERS WATSON PLC $WTW purchased $499.34K (2nd largest purchase, out of 2). 1 other insider also purchased the stock in the last 30 days.

• Director (Cates G. Staley) at AFFILIATED MANAGERS GROUP, INC. $AMG purchased $458.75K (first-ever purchase). This increased their listed holdings by 30%.

• Executive Chairman at ALEXANDRIA REAL ESTATE EQUITIES, INC. $ARE purchased $320.42K (5th largest purchase, out of 7). 1 other insider also purchased the stock in the last 30 days.

• General Counsel at BERKSHIRE HATHAWAY INC $BRK.B purchased $250.54K (first-ever purchase). This increased their listed holdings by 422%.

• Executive Chairman at Rush Street Interactive, Inc. $RSI sold $262.38M (first-ever sale). Rip Sell: the stock was up 28% in the previous month. 5 other insiders also sold the stock in the last 30 days.

• Director (MURPHY ROBERT MADISON) at Murphy USA Inc. $MUSA sold $24.77M (largest sale ever, out of 29). Rip Sell: the stock was up 51% in the previous 3 months. Reversal: they made 1 straight purchases before this sale. Their last sale was 634 days ago. 1 other insider also sold the stock in the last 30 days.

• CHIEF EXECUTIVE OFF. at COMFORT SYSTEMS USA INC $FIX sold $21.89M (largest sale ever, out of 27). Rip Sell: the stock was up 37% in the previous month. 2 other insiders also sold the stock in the last 30 days.

• Chief Executive Officer at Rush Street Interactive, Inc. $RSI sold $20.38M (largest sale ever, out of 24). Rip Sell: the stock was up 28% in the previous month. 5 other insiders also sold the stock in the last 30 days. Appears to be regularly scheduled monthly transaction.

• Co-Chairman at SCHWAB CHARLES CORP $SCHW sold $20.06M (22nd largest sale, out of 205). 5 other insiders also sold the stock in the last 30 days. Appears to be regularly scheduled yearly transaction.

• Hd of Financial Services Group at PIPER SANDLER COMPANIES $PIPR sold $7.10M (largest sale ever, out of 11). This decreased their listed holdings by -15%.

• President & CEO at VIAVI SOLUTIONS INC. $VIAV sold $6.82M (largest sale ever, out of 44). Rip Sell: the stock was up 44% in the previous month. 5 other insiders also sold the stock in the last 30 days.

• VP and Chief Comm Officer at CARPENTER TECHNOLOGY CORP $CRS sold $5.21M (largest sale ever, out of 2). This decreased their listed holdings by -39%. Rip Sell: the stock was up 108% in the previous year. Their last sale was 963 days ago. 1 other insider also sold the stock in the last 30 days.

• Chief Operating Officer at Rush Street Interactive, Inc. $RSI sold $4.28M (largest sale ever, out of 27). Rip Sell: the stock was up 28% in the previous month. 5 other insiders also sold the stock in the last 30 days. Appears to be regularly scheduled monthly transaction.

• Chief Executive Officer at EAST WEST BANCORP INC $EWBC sold $3.76M (4th largest sale, out of 57). 1 other insider also sold the stock in the last 30 days.

• and more…

Commentary

I've finally completed a ton of data analysis on our CEO Watcher data.

I'm writing up an article I'll share on Saturday with some of the findings. I’ve also been adding new sheets to the CEO Watcher Premium Dashboard Google Sheet (link is always available to Premium subscribers in the Data Dump section at the bottom of these daily emails).

One cool finding is that industries with above-average insider buying over the previous 90 days significantly outperform those with below-average insider buying.

Insiders in the software industry are the most bullish they’ve been since 2022 (and significantly more bullish than average).

The insiders were about 6 months early in 2022 (and seem to be a few months early now as well), but software was up 120% over the next 3 years after it bottomed at the end of 2022.

I think there are a lot of babies being thrown out with the bathwater in the software industry, and there will be some great opportunities.

Today’s High Signal Insider purchase is actually a software stock (CEO Watcher Premium subs can read the note below).

The rest of this email is for premium subscribers only.

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