SOFI…SCHW…The 5 Stock Insiders Are Betting Big This Week
The week following the collapse of SVB Financial Group (NASDAQ:SIVB) Silicon Valley Bank subsidiary. The stock market received a major blessing after it was announced that government agencies would back and insure the bank’s deposits, even above the Federal Deposit Insurance Corporation’s (FDIC) $250,000 limit.
Now, it appears the decision to shield Silicon Valley Bank deposits has inspired confidence in insiders of other banks’ stocks. This week, several insiders from banks large and small said they had increased their respective holdings. In fact, insider buying from banks and financial institutions made up the vast majority of the biggest insider buying this week.
Let’s get into the details.
Top insider buys of the week
- SoFi (NASDAQ:SOFI): CEO Anthony Noto has bought SOFI shares several times over the past year. However, the timing of its recent purchase at the height of the Silicon Valley Bank drama shows particular conviction. On March 10, he said he bought 180,000 shares worth just under $1 million. From March 13 to March 16, he added an additional 45,000 shares worth about $250,000.
- PacWest Bancorp (NASDAQ:PACW): PacWest has seen an incredible amount of insider buying this week. Since March 9, insiders like Executive Chairman Matthew Wagner and Chairman and CEO Paul Taylor have purchased a total of 95,993 shares. The company announced yesterday that it was in talks for a “liquidity boost” with Atlas SP Partners and other firms. Exact details of the boost were not disclosed.
- Charles Schwab (NYSE:SCHW): Insiders including CEO Walter Bettinger and Chief Financial Officer Peter Crawford have bought a total of 115,144 shares with a combined value of $6.73 million since March 14.
- Gitlab (NASDAQ:GTLB): Shares of GTLB fell more than 30% after the source code company announced weak guidance for 2023. Still, fourth-quarter revenue and earnings per share (PES) beat analysts’ estimates. The decline inspired early investors Alphabet (NASDAQ:GOOGNASDAQ:GOOGL) to buy the dip, picking up about $19 million worth of stock on March 13-14 through its venture capital arm.
- Howard Hughes Corp. (NYSE:HHC): Bill Ackman’s Pershing Square has established a significant position in the real estate development company. From March 13-15, the hedge fund bought $4.66 million worth of HHC shares, bringing its total stake to 15.95 million shares.
As of the date of publication, Eddie Pan held a LONG position in GOOGL. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.
Article printed by InvestorPlace Media, https://investorplace.com/2023/03/sofi-schw-the-5-stocks-insiders-are-betting-big-on-this-week/.
©2023 InvestorPlace Media, LLC