5 Underperforming Stocks Insiders are Buying

2. Gray Television, Inc (NYSE:GTN)

Number of Hedge Fund Investors: 23

Television broadcasting company Gray Television, Inc (NYSE:GTN) is one of the falling stocks insiders are buying this year. The stock is down 31% so far this year.

On March 28,  Hilton H. Howell Jr., Gray Television, Inc’s (NYSE:GTN) CEO, bought 10,000 shares of tGray Television, Inc (NYSE:GTN) at $8.09 per share. The total dollar value of this transaction was $80,934. Since then the stock is down 0.79%.

As of the end of the fourth quarter of 2023, 23 hedge funds out of the 933 funds tracked by Insider Monkey had stakes in Gray Television, Inc (NYSE:GTN).

Miller Value Partners Income Strategy stated the following regarding Gray Television, Inc. (NYSE:GTN) in its fourth quarter 2023 investor letter:

“During the fourth quarter, we eliminated two positions comprising approximately 6% of the portfolio where new information suggested that our investment thesis was wrong. As active managers, we are able to proactively make adjustments in the portfolio, a key difference from strategies that are rebalanced to a benchmark on a set frequency. Two new additions included a starter position in wood products maker Boise Cascade (BCC) as well as the debt of Gray Television, Inc. (NYSE:GTN)n, a top operator of local television stations. We think Boise Cascade is a good business trading at a compelling valuation with a fortress balance sheet, while we believe markets are too pessimistic on Gray Television’s staying power.”