Insider Trading in Focus
U.S. stocks wrapped up the week on a cheery note, yet a distinctive scent of insider trading wafts over Wall Street.
Western Midstream Partners
- The Move: Western Midstream Partners, LP President and CEO Michael Ure indulged in a shopping spree, nabbing 5,000 shares at an average price of $33.65, totaling approximately $168,250.
- The Buzz: A recent downgrade by Citigroup analyst Spiro Dounis to a neutral tone unveiled a change in the forecast for Western Midstream.
- Company Profile: Western Midstream Partners LP, an entity based in the U.S., specializes in owning, operating, acquiring, and developing midstream energy assets.
Sphere Entertainment
- The Trade: Director Kristin A Dolan of Sphere Entertainment Co. dove into the stock market pond, snatching 76,139 shares at an average cost of $40.73, ringing up a hefty $3.1 million.
- What’s the Buzz: On February 5, Sphere Entertainment boomed with a year-on-year surge of 97% in revenue, clocking at $314.2 million, defying market predictions.
- Business Scope: Sphere Entertainment Co. is a vibrant live entertainment and media corporation renowned for creating, producing, and touring captivating shows and events.
Agree Realty
- The Move: Executive Chairman Richard Agree of Agree Realty Corporation bulked up his portfolio, swooping in for 16,000 shares priced at $55.50 each, costing a cool $888,000.
- What’s the Scoop: On February 27, analyst Ki Bin Kim of Truist Securities painted a rosy picture for Agree Realty, maintaining a ‘Buy’ rating while tweaking the price target slightly.
- Company Overview: Agree Realty Corporation elegantly operates as a fully integrated real estate investment trust, specializing in the ownership, acquisition, development, and management of top-tier retail properties.
Insider trading can often be a sign of the confidence insiders have in the future of a company or simply a lucrative opportunity they couldn’t resist. While not a foolproof investment strategy, it does provide an intriguing peek behind the curtain of these companies.