This article presents an overview of the 5 Underperforming Stocks Insiders are Buying. For a detailed overview of such stocks read our article, 10 Underperforming Stocks Insiders are Buying.
5. Titan Machinery Inc (NASDAQ:TITN)
Number of Hedge Fund Investors: 16
North Dakota-based agricultural and construction equipment company Titan Machinery Inc (NASDAQ:TITN) has seen its shares tank 16% this year. On April 1, Titan Machinery Inc’s (NASDAQ:TITN) CFO Robert Larsen, bought 417 shares of Titan Machinery Inc (NASDAQ:TITN) at $24.00 per share. Since then the stock is almost flat.
4. Concentrix Corp (NASDAQ:CNXC)
Number of Hedge Fund Investors: 20
Customer experience solutions company Concentrix Corp (NASDAQ:CNXC) ranks fourth in our list of the top underperforming stocks this year with recent insider purchases. The stock is down about 40% this year.
Kathryn Hayley, a director at Concentrix Corp (NASDAQ:CNXC), bought 379 shares at $65.96 per share. The transaction took place on April 1. Since then the stock is down 8%.
FPA Queens Road Small Cap Value Fund stated the following regarding Concentrix Corporation (NASDAQ:CNXC) in its fourth quarter 2023 investor letter:
“Concentrix Corporation (NASDAQ:CNXC) is one of two top customer experience (CX) vendors globally. The company started off managing call centers but has since evolved into a high-tech business process outsourcer (BPO) that also designs and runs customer-facing websites and apps, integrates the data, and optimizes a client’s customer interactions. CX is a relatively new business, and Concentrix has been acquiring smaller competitors. In March, 2023 they bought WebHelp, a leading European CX player, for $4.8B in cash and stock. 26 We believe the WebHelp acquisition will help consolidate an industry where Concentrix and Teleperformance are the largest players. The company was spun out from TD Synnex, another of the Fund’s core holdings, and we have always been impressed with the company’s innovation and growth. The market is currently concerned about the potential of artificial intelligence to disrupt Concentrix’ core call center business, which has resulted in the underperformance of shares of all CX companies.”
3. Clearway Energy Inc Class C (NYSE:CWEN)
Number of Hedge Fund Investors: 22
New Jersey-based Clearway Energy Inc Class C (NYSE:CWEN) shares are down about 12% year to date through April 4.
Clearway Energy Inc Class C (NYSE:CWEN) saw insider buying activity on March 28 when Global Infrastructure Investors III, LLC, a director and 10% owner at Clearway Energy Inc Class C (NYSE:CWEN), snapped up 196,964 shares of Clearway Energy Inc Class C (NYSE:CWEN) at $22.86 per share. Since then the stock price has gained about 3%.
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.”
1. Walgreens Boots Alliance Inc (NASDAQ:WBA)
Number of Hedge Fund Investors: 31
Walgreens Boots Alliance Inc (NASDAQ:WBA) is one of the underperforming stocks this year with insider purchases. The stock is down about 30% so far this year.
On April 2, 2024, Manmohan Mahajan, who is Walgreens Boots Alliance Inc’s (NASDAQ:WBA) CFO and EVP, snapped up 6,000 shares of Walgreens Boots Alliance Inc (NASDAQ:WBA) at $19.38 per share.
As of the end of the last quarter of 2023, 31 hedge funds tracked by Insider Monkey had stakes in Walgreens Boots Alliance Inc (NASDAQ:WBA).
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