In this article, we will take a look at the 5 stocks with heavy insider buying in 2023. To see more such companies, go directly to 11 Stocks with Heavy Insider Buying in 2023.
5. Luminar Technologies, Inc. (NASDAQ:LAZR)
Number of Hedge Fund Holders: 17
Luminar Technologies, Inc. (NASDAQ:LAZR) makes Lidar systems and machine perception technologies for self-driving cars. Luminar Technologies, Inc. (NASDAQ:LAZR)’s CEO Austin Russell initiated multiple stock purchases earlier this month. The executive bought 3.57 million shares of Luminar Technologies, Inc. (NASDAQ:LAZR) in total at $5.98 per share.
The executive recently made headlines after he bought a majority stake in Forbes Global Media.
Jun Hong Heng, a board member at Luminar Technologies, Inc. (NASDAQ:LAZR), also acquired 33,700 shares of the company at $5.91 earlier this month.
Luminar Technologies, Inc. (NASDAQ:LAZR) shares are up about 35% year to date as of May 19. The stock was trading at $6.35 on May 19 morning.
4. Morphic Holding, Inc. (NASDAQ:MORF)
Number of Hedge Fund Holders: 20
Tim Springer, the founder of Morphic Holding, Inc. (NASDAQ:MORF), is also a 10% stakeholder and board member at Morphic Holding. The executive bought about 1.05 million shares of Morphic Holding, Inc. (NASDAQ:MORF) at $45 per share earlier this month. Morphic Holding, Inc. (NASDAQ:MORF) is up about 28% over the past 30 days.
Morphic Holding, Inc. (NASDAQ:MORF) is working on oral integrin therapies for the treatment of serious chronic diseases. In April Morphic Holding, Inc. (NASDAQ:MORF) posted its Q1 results. GAAP EPS in the period came in at -$0.90. Revenue in the period fell 79% year over year to $0.5 million, missing estimates by $1.66 million.
3. Coinbase Global, Inc. (NASDAQ:COIN)
Number of Hedge Fund Holders: 27
Fred Ehrsam, a director at Coinbase Global, Inc. (NASDAQ:COIN), bought over $50 million worth of Coinbase shares in 2023 in multiple transactions. He bought about 810,000 shares at an average price of about $61.78. Coinbase Global, Inc. (NASDAQ:COIN) shares were trading at $61.33 as of May 19. Coinbase Global, Inc. (NASDAQ:COIN) is up about 48% over the past six months.
As of the end of the fourth quarter of 2022, 27 hedge funds had stakes in Coinbase Global, Inc. (NASDAQ:COIN), according to Insider Monkey’s database. The most notable hedge fund stakeholder of Coinbase Global, Inc. (NASDAQ:COIN) was ARK Investment Management of Catherine D. Wood.
2. DISH Network Corp. (NASDAQ:DISH)
Number of Hedge Fund Holders: 37
Jim DeFranco is a VP and board member at DISH Network Corp. (NASDAQ:DISH). The executive has been on a DISH stock buying spree since last year. DeFranco bought Dish shares in March and May and it seems he will continue to load up on the stock. So far in 2023 he has bought about 5.25 million shares of DISH Network Corp. (NASDAQ:DISH) in several transactions at an average price of $8.88. DISH Network Corp. (NASDAQ:DISH) was trading at $6.89 as of May 19. DISH Network Corp. (NASDAQ:DISH) is down about 53% over the past six months.
Recently, NYPost reported that Dish chairman Charlie Ergen took a trip to Dubai in an effort to raise funds for DISH Network Corp. (NASDAQ:DISH). DISH Network Corp. (NASDAQ:DISH) needs these funds to meet the 5G requirements from the Federal Communications Commission to build out a network.
1. Energy Transfer L.P. (NYSE:ET)
Number of Hedge Fund Holders: 38
Kelcy L. Warren, Executive Chairman of the Board of Directors of Energy Transfer L.P. (NYSE:ET), bought about 4.5 million shares of Energy Transfer in 2023 as of May 15 in multiple insider purchases. Two of these insider transactions took place in May. The executive bought one million shares of Energy Transfer L.P. (NYSE:ET) at $12.49 on May 15, and 500,000 shares at $12.27.
As of the end of the last quarter of 2022, 38 hedge funds tracked by Insider Monkey had stakes in Energy Transfer L.P. (NYSE:ET), up from 33 hedge funds in the previous quarter. This shows a jump in hedge fund sentiment.
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