The Past Week’s Notable Insider Buys: Cano Health, Cricut, GoodRx, SelectQuote And More

  • Insider buying can be an encouraging signal for potential investors, especially when markets are near all-time highs.
  • Some insiders were making return trips to the buy window last week.
  • Some chief executives were adding to their stakes as well.

Conventional wisdom says that insiders and 10% owners really only buy shares of a company for one reason: they believe the stock price will rise and they want to profit from it. So insider buying can be an encouraging signal for potential investors, particularly when there is uncertainty in the markets or the markets are near all-time highs.

Note that with earnings-reporting season all but over, many insiders are free once more to buy or sell shares. Here are a few of the most noteworthy insider purchases that were reported in the past week.

The purchase of around 705,400 Goodrx Holdings Inc (NASDAQ: GDRX) shares by a 10% owner at prices ranging from $36.96 to $38.00 apiece totaled nearly $26.4 million. Note that this owner has been buying Cricut shares (see below) as well, and the GoodRx stake is up to more than 8.3 million shares. Shares ended the week at $41.71.

Cloud company E2open Parent Holdings Inc (NYSE: ETWO) had a 10% owner buy over 2.45 million shares and a director add about 28,300 shares last week. These transactions totaled about $26.3 million altogether, at share prices of $10.60 apiece. Note that another beneficial owner sold over $8.8 million worth of shares last week as well. The stock closed at $12.36 on Friday.

The Cano Health Inc (NYSE: CANO) chief executive officer, Marlow Hernandez, returned to the buy window to add about 1.19 million more shares for $11.51 to $12.00 apiece. Another insider bought more than 1,700 shares too. These transactions added up to more than $12.83 million altogether. The timing of the purchases seems fortunate as the stock was last seen at $13.49 a share.

Sensient Technologies Corporation (NYSE: SXT) saw a beneficial owner acquire more than 129,700 shares indirectly for $86.90 to $87.84 apiece. That cost that owner almost $11.33 million and lifted their stake in this Milwaukee-based producer of ingredients for food and cosmetics to over 4.3 million shares. There are about 42 million shares outstanding.

Oscar Health Inc (NYSE: OSCR) cofounder Joshua Kushner indirectly purchased more than 635,400 additional shares of this health insurance provider last week. At $14.12 to $15.81 apiece, the cost for those shares totaled over $9.53 million. Note that Kushner, who is also a 10% owner, acquired more than $21.56 million worth of the shares last week as well.

Insurance services provider SelectQuote Inc (NYSE: SLQT) saw CEO Robert Danker acquire more than 112,500 shares, while other executives picked up over 561,100 shares altogether. At $8.49 to $9.41 apiece, that totaled over $5.98 million. The shares ended the week at $12.07, about 38% higher than the Danker’s purchase price.

In the latest of a number of purchases stretching back to late May, a Cricut Inc (NASDAQ: CRCT) 10% owner picked up over 182,400 more shares at prices ranging from $27.36 to $31.00 apiece. These latest purchases added up to more than $5.28 million. Note that some insiders sold a combined 24,100 shares last week as well.

Myovant Sciences Ltd (NYSE: MYOV) had a beneficial owner add about 212,100 shares to its stake. The transactions totaled around $4.27 million, at share prices ranging from $24.33 to $27.00, and lifted the stake to over 49.2 million shares. Note that this owner also scooped up more than $4.14 million worth of shares in the previous week.

A Ree Automotive Holding Inc (NASDAQ: REE) director indirectly purchased 222,000 shares last week, while another insider bought about 123,900. At per-share prices of $5.66 to $5.97, that cost them more than $2.02 million altogether. Shares of the recreational vehicle maker plunged to a post IPO low of $5.48 last week.

See also: Wall Street Crime And Punishment: Martha Stewart’s Perfectly Ridiculous Stock Scandal

Note that a smaller amount of insider buying at Dicks Sporting Goods Inc (NYSE: DKS), DXC Technology Co (NYSE: DXO), EverQuote Inc (NASDAQ: EVER), FMC Corp (NYSE: FMC), SoFi Technologies Inc (NASDAQ: SOFI), Texas Capital Bancshares Inc (NASDAQ: TCBI) and Wheels Up Experience Inc (NYSE: UP) was reported last week as well.

At the time of this writing, the author had no position in the mentioned equities.

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