In this article, we will take a look at the 5 stocks insiders are buying now. To see more such companies, go directly to 13 Stocks Insiders are Buying Now.
5. Block, Inc. (NYSE:SQ)
Insider Purchase Date: November 8
Block, Inc. (NYSE:SQ) ranks 5th in our list of the stocks insiders are buying now. Both Roelof, a director at Block, Inc. (NYSE:SQ), bought a whopping 23,433 shares of the company at $50.97 per share earlier this month. In another transaction, the director bought 15,262 shares of Block, Inc. (NYSE:SQ) at a per-share price of $50.99.
As of the end of the second quarter of 2023, 66 hedge funds tracked by Insider Monkey had stakes in Block, Inc. (NYSE:SQ). The biggest stakeholder of Block, Inc. (NYSE:SQ) as of the end of the September was Andreas Halvorsen’s Viking Global which had a $545 million stake in the company.
Here is what Baron FinTech Fund has to say about Block, Inc. (NYSE:SQ) in its Q3 2023 investor letter:
“Block, Inc. provides point-of-sale technology to small businesses and operates the Cash App ecosystem of financial services for individuals. Shares fell due to a confluence of factors, including slowing growth, a brief system outage, and the departure of a key executive who ran the Square business segment. Ongoing investor concerns over consumer spending and a recession did not help sentiment. Nevertheless, Block reported strong quarterly results with 27% gross profit growth and adjusted EBITDA more than doubling. We believe Block’s businesses are resilient, and greater management focus on cost discipline should drive further margin expansion. We continue to own the stock due to Block’s long runway for growth, durable competitive advantages, and track record of innovation.”
4. Janux Therapeutics, Inc. (NASDAQ:JANX)
Insider Purchase Date: November 13
A lot of insider buying activity has been taking place at Janux Therapeutics, Inc. (NASDAQ:JANX), a California-based biopharma company. Earlier in November Jay Lichter, a director and 10% owner at the company, bought a whopping $4.9 million worth of company shares at $5.87 a piece. Tighe Reardon, Janux Therapeutics, Inc. (NASDAQ:JANX)’s acting CFO, also amassed 849,854 shares of the company at a per-share price of $5.87.
3. Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)
Insider Purchase Date: November 13
Clinical stage biopharma company Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) ranks 3rd in our list of the stocks insiders are buying now. Baker Bros. Advisors LP, which has a director status on Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL)’s board, bought 107,499 shares of the company earlier this month at $146.99 per share. Over the past one month the stock has gained about 50%.
Earlier this month Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) posted Q3 results. GAAP EPS in the quarter came in at -$5.34 missing estimates by $0.38.
2. Howard Hughes Holdings Inc. (NYSE:HHH)
Insider Purchase Date: November 15
Pershing Square Capital Management, L.P., who is both a director and a 10% owner at Howard Hughes Holdings Inc. (NYSE:HHH), earlier this month bought 201,600 shares of the company at an average price of $74.34 per share. In another insider purchase initiated on November 7, Pershing Square Capital bought 190,248 shares of Howard Hughes Holdings Inc. (NYSE:HHH) at $72.24 per share.
Earlier this month Howard Hughes Holdings Inc. (NYSE:HHH) posted third quarter results. GAAP EPS in the third quarter came in at -$10.97. Revenue fell about 58% year over year to $268.7 million, beating estimates by $37.81 million.
Pershing Square Holdings made the following comment about Howard Hughes Holdings Inc. (NYSE:HHH) in its first half 2023 investor letter:
“Howard Hughes Holdings Inc. (NYSE:HHH)’s high-quality collection of well-located master planned communities (“MPC”) delivered resilient performance in the first half of 2023 led by a strong recovery in the housing market and robust leasing momentum in the company’s income producing operating assets.
Mortgage interest rates have stabilized this year after rapidly rising in 2022. The supply of home resale inventory remains constrained as homeowners are reluctant to sell their existing homes and incur more expensive mortgages. As a result, there has been a resurgence in demand for newly built homes. Amidst that backdrop, the relative affordability of HHH’s MPCs, which are located in low cost-of-living and low-tax states like Texas and Nevada, remains highly appealing to prospective homebuyers. New home sales in HHH’s MPCs increased 11% year-over-year in the first half of 2023, reflecting strong demand for future land sales and causing the company to raise its guidance for full-year 2023 MPC land sale profits by 20%.
In HHH’s income-producing operating assets, net operating income (“NOI”) grew 6% on a same-store basis during the first half of the year driven by improving leasing velocity and strong rental rate growth. The company’s office portfolio is benefiting from a “flight to quality” as companies and their employees are drawn to the desirability of HHH’s walkable and amenity-rich MPCs. Likewise, in the company’s condominium development at Ward Village, Hawaii, HHH continues to experience durable sales momentum with its latest condo tower already 83% pre-sold within nine months of its launch. In the most recent quarter, the company contracted to sell 43 units, representing an impressive 27% of available unit inventory. At its Seaport development in New York City, the company is focused on driving operational improvements at the recently opened Tin Building food hall, which continues to generate operating losses in its first full year of operations.…” (Click here to read the full text)
1. Groupon, Inc. (NASDAQ:GRPN)
Insider Purchase Date: November 16
Groupon, Inc. (NASDAQ:GRPN)’s interim CEO Dušan Šenkypl bought 323,344 shares of the company earlier this month at an average per-share price of $9.49. Earlier this month the stock plummeted after Groupon, Inc. (NASDAQ:GRPN)’s Q3 revenue figures missed estimates. Groupon, Inc. (NASDAQ:GRPN) also said it sees 2024 sales flat to -5%.
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