What’s Congress Been Buying?
Here are some of the most active stocks seeing insider buying, volume spikes, hidden institutional trading or Congressional buy activity.
Institutional Trading: Snowflake (SYM: SNOW)
On Friday, an institution picked up $892,400 worth of the Snowflake (SYM: SNOW) December 20, 2024 115 calls. For that trade to work out, SNOW would have to soar above $115 a share before expiring on December 20. At the moment, SNOW is consolidating at $110.50. If it can break from consolidation, it could refill its bearish gap at around $130 near term.
Helping, earnings haven’t been too shabby.
In its second quarter, SNOW EPS of 18 cents beat by two cents. Revenue of $868.82 million, up about 29% year over year, beat by $18.9 million. The company also authorized a $2.5 billion share buyback program through March 2027.
Congressional Buying: Meta Platforms (SYM: META)
If you’re looking for trading opportunities, track Congress.
Granted, your elected officials don’t have to disclose what they bought for about 30 to 45 days after the transaction, per the STOCK Act. Oftentimes, they disclose sooner than that.
Part of the STOCK Act “Amends the Ethics in Government Act of 1978 (EGA) to require specified individuals to file reports within 30 to 45 days after receiving notice of a purchase, sale, or exchange which exceeds $1,000 in stocks, bonds, commodities futures, and other forms of securities and subject to any waivers and exclusions.”
Michael McCaul (R-TX) picked up $100,000 to $250,000 worth of Meta Platforms (SYM: META) on August 2. The transaction was just disclosed on September 18. At the time of the initial transaction, META traded at about $480. As of September 18, it was up to $544.
Over the last few months, House Democrat Josh Gottheimer has been investing millions of dollars in Microsoft (SYM: MSFT). In fact, he bought between $1 million and $5 million of stock.
House Republican Dan Newhouse just paid between $1,91 and $15,000 for shares of Analog Devices (SYM: ADI) on April 10.
These things happen all the time.
And if you can spot the trades and the disclosure of trades in time, you could potentially make some good money. It’s just too bad we can’t buy something, and then make a major political statement that’s sure to send a stock higher.
