Insiders Just Bought $20 Million of this Tech Stock
Here are some of the most active stocks seeing insider buying, volume spikes, hidden institutional trading or Congressional buy activity.
Hidden Institutional Trading: Nvidia (SYM: NVDA)
Nvidia is seeing a substantial amount of institutional interest.
For example, just yesterday, it saw $886,500 invested in the October 4, 2024 110 calls; $891,000 invested in the October 4 110 calls; and another $891,000 invested in the same calls. Helping, analysts at Oppenheimer just reiterated NVDA as a top pick, noting that, “We continue to favor structural growth for long-term outperformance.”
Analysts at Wedbush also said, “We believe the stage is set for tech stocks to move higher into year-end and 2025 in our opinion as the Fed and Powell kick off its rate cutting cycle this week, macro soft landing remains the path, and tech spending on AI remains a generational spending cycle just starting to hit the shores of the tech sector,” as quoted by Seeking Alpha.
At the moment, NVDA is consolidating at $117. From here, we’d like to see it retest $130.
Insider Buying: Impinj (SYM: PI)
Imping (PI), a manufacturer of radio-frequency identification devices and software, just saw 10% stock owner Sylebra Capital picked up $20 million worth of the stock.
Helping, earnings haven’t been too shabby.
In fact, in its most recent report, the company’s EPS of 83 cents beat by nine cents. Revenue of $102.5 million, up 19.2% year over year, beat by nearly $5 million.
“Our second-quarter results were strong, setting several new records,” said Chris Diorio, Impinj co-founder and CEO. “Revenue topped $100 million and adjusted EBITDA topped $25 million, both well above our guidance. Free cash flow topped $40 million. As we continue driving our bold vision to connect every item in our everyday world, I remain confident in our market position and energized by the opportunities ahead.”
Volume Spike: Compass Minerals (SYM: CMP)
Compass Minerals saw volume spike to two million, as compared to its daily average volume of 80,524. All after the company provide preliminary third quarter earnings numbers. At the moment, it expects to see revenue of $202.9 million as compared to estimates for $197.81 million. It also expects to see a net loss of $1.01, as compared to estimates for -65 cents.
Related reading: If you liked Nvidia, look at THIS!
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