Insider Selling: Brazilian Electric Power (NYSE:AXIA) Director Sells 400,000 Shares of Stock

Key Points

• Director De Lima Filho Pedro Batista sold 400,000 shares of Brazilian Electric Power on June 3 at an average price of $9.90, totaling about $3.96 million. After the sale, he still held 50,700 shares, reducing his ownership by 88.75%.
• The filing also shows a pattern of heavy insider trading, including several large buys and sells over the prior few weeks, such as a 2.25 million-share sale on May 29 and a 1.23 million-share purchase the same day.
• AXIA shares were down 0.9% to $9.90 in Friday trading, and Wall Street’s consensus rating remains Hold despite one recent upgrade to Buy.

Brazilian Electric Power Co (NYSE:AXIA - Get Free Report) Director De Lima Filho Pedro Batista sold 400,000 shares of Brazilian Electric Power stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $9.90, for a total transaction of $3,960,000.00. Following the sale, the director directly owned 50,700 shares of the company's stock, valued at $501,930. This represents a 88.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

De Lima Filho Pedro Batista also recently made the following trade(s):

• On Wednesday, June 3rd, De Lima Filho Pedro Batista acquired 45,000 shares of Brazilian Electric Power stock. The stock was bought at an average price of $10.60 per share, with a total value of $477,000.00.
• On Monday, June 1st, De Lima Filho Pedro Batista sold 555,300 shares of Brazilian Electric Power stock. The stock was sold at an average price of $9.88, for a total transaction of $5,486,364.00.
• On Friday, May 29th, De Lima Filho Pedro Batista sold 2,249,200 shares of Brazilian Electric Power stock. The stock was sold at an average price of $10.43, for a total transaction of $23,459,156.00.
• On Friday, May 29th, De Lima Filho Pedro Batista purchased 1,234,900 shares of Brazilian Electric Power stock. The shares were acquired at an average price of $10.78 per share, for a total transaction of $13,312,222.00.
• On Monday, May 25th, De Lima Filho Pedro Batista sold 234,300 shares of Brazilian Electric Power stock. The shares were sold at an average price of $10.46, for a total value of $2,450,778.00.
• On Friday, May 22nd, De Lima Filho Pedro Batista sold 714,500 shares of Brazilian Electric Power stock. The shares were sold at an average price of $10.40, for a total value of $7,430,800.00.
• On Wednesday, May 20th, De Lima Filho Pedro Batista sold 941,500 shares of Brazilian Electric Power stock. The shares were sold at an average price of $10.60, for a total value of $9,979,900.00.
• On Monday, May 18th, De Lima Filho Pedro Batista sold 751,200 shares of Brazilian Electric Power stock. The stock was sold at an average price of $10.51, for a total transaction of $7,895,112.00.
• On Monday, May 18th, De Lima Filho Pedro Batista bought 49,600 shares of Brazilian Electric Power stock. The shares were acquired at an average price of $11.27 per share, with a total value of $558,992.00.
• On Friday, May 15th, De Lima Filho Pedro Batista sold 861,500 shares of Brazilian Electric Power stock. The stock was sold at an average price of $10.48, for a total value of $9,028,520.00.

Brazilian Electric Power Trading Down 0.9%

Shares of NYSE AXIA traded down $0.09 during trading on Friday, reaching $9.90. The company had a trading volume of 410,147 shares, compared to its average volume of 2,319,068. Brazilian Electric Power Co has a 12-month low of $6.71 and a 12-month high of $13.54. The stock has a market cap of $22.27 billion, a P/E ratio of 54.97, a P/E/G ratio of 1.44 and a beta of 0.46. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.52.

Wall Street Analysts Forecast Growth

AXIA has been the topic of a number of research reports. Weiss Ratings began coverage on shares of Brazilian Electric Power in a research note on Tuesday, April 7th. They issued a "hold (c)" rating for the company. Wall Street Zen raised shares of Brazilian Electric Power from a "hold" rating to a "buy" rating in a research note on Saturday, May 30th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Hold".

Institutional Investors Weigh In On Brazilian Electric Power

A number of institutional investors have recently modified their holdings of AXIA. Traveka Wealth LLC acquired a new stake in shares of Brazilian Electric Power in the first quarter valued at about $118,000. Bank of New York Mellon Corp acquired a new stake in Brazilian Electric Power in the 1st quarter worth about $150,000. Sequoia Financial Advisors LLC increased its stake in Brazilian Electric Power by 4.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 18,654 shares of the company's stock worth $210,000 after buying an additional 802 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in shares of Brazilian Electric Power by 28.2% during the first quarter. Sanctuary Advisors LLC now owns 21,953 shares of the company's stock valued at $248,000 after acquiring an additional 4,834 shares during the last quarter. Finally, Walleye Capital LLC purchased a new position in shares of Brazilian Electric Power in the first quarter valued at approximately $274,000. 2.64% of the stock is currently owned by institutional investors and hedge funds.

Brazilian Electric Power Company Profile

Centrais Elétricas Brasileiras SA - Eletrobras, through its subsidiaries, engages in the generation, transmission, and distribution of electricity in Brazil. The company generates electricity through hydroelectric, thermal, nuclear, wind, and solar plants. As of December 31, 2020, it owned and operated 31 hydroelectric plants with a total installed capacity of 50,648 megawatts; seven thermal plants, including coal, and oil and gas power generation units with a total installed capacity of 1,595 megawatts; and two nuclear power plants comprising Angra I with an installed capacity of 640 megawatts and Angra II with an installed capacity of 1,350 megawatts.

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