One potential indicator of a stock’s future performance is the level of stock that insiders are buying. In this context, an insider is an employee of the company, usually, a high-level executive (e.g. CEO, CFO, COO) or it can be a hedge fund that is providing capital. Their access to non-public information puts more weight on their buying and selling decisions. With that in mind, it’s important to note that insiders may sell shares of stock for many reasons. However, they only buy for one reason. That is, they believe that information is going to be released that will boost the stock price in the near future. With that in mind, here are the 10 stocks with the most insider buying on MarketBeat in June 2021:
- Asana (NYSE: ASAN) – Asana is a work-management software company that is benefiting from the work-from-anywhere trend as well as its commitment to environmental, social, and governance (ESG) practices. ASAN stock is up more than 133% in the last 12 months. In June, the company’s CEO Dustin Moskovitz bought 2.03 million shares at an average price of $47.99 per share. Moskovitz made the trades through a Rule 10b5-1 trading plan that automatically execute transactions when preset parameters (such as price and volume) set by the insider are met. Trading through such a plan removes bias that can be gleaned from the knowledge of nonpublic information.
- Fortress Value Acquisition Corp. II (NYSE: FAII) – Fortress Value Acquisition Corporation is a special purpose acquisition company (SPAC). The company is bringing ATI Physical Therapy public via a reverse merger. In June 2021, the merger was approved by all parties involved. In mid-June, a major shareholder purchased 7.5 million shares at a price of $10, which is the typical IPO price for a SPAC stock.
- ARYA Sciences Acquisition Corp. III (NASDAQ:ARYA) – ARYA Sciences Acquisition Corporation is another special purpose acquisition company (SPAC). The SPAC brought Nautilus Biotechnology (NASDAQ: NAUT) in June 2021. Prior to finalizing the merger, the director of ARYA Sciences Acquisition Corp. purchased 5.5 million shares at a price of $10.
- Hudson Executive Investment (NASDAQ: HEC) – a third SPAC on this list is Hudson Executive Investment. The company brought Talkspace (NASDAQ: TALK) public in June 2021. Talkspace is a pure-play mental health company. On June 22, 2021 HEC Director, Douglas Braunstein purchased five million shares at a price of $10.
- AMERCO (NASDAQ: UHAL) – AMERCO is best known as the parent company of U-Haul. UHAL stock is up nearly 100% in the last 12 months. One reason for this is the continuing strength of the housing market. Another reason is the desire among many Americans to relocate. In June, Grove Holdings, a major shareholder, purchased 81,810 shares at a price of $551.76.
- Bright Health Group (NYSE: BHG) – Bright Health Group is an integrated care delivery company, engages in the delivery and financing of health insurance plans in the United States. BHG stock is up over 85% in the last 12 months. As part of an undersized IPO conducted by the company, a major shareholder purchased 1,944,444 shares at a price of $18.
- Cricut (NASDAQ: CRCT) – Cricut designs and markets a creativity platform that enables users to turn ideas into professional-looking handmade goods. CRCT stock is up over 97% in the last 12 months. A major shareholder Abdiel Capital Management has made multiple share purchases in the last month including a purchase of 500,000 shares at an average price of $33.03 on June 23, 2021.
- Sprinklr (NYSE: CXM) – Sprinklr is an American software company with a software-as-a-service (SaaS) customer experience management platform. CXM stock only began trading publicly on June 25, 2021. On the day the company initiated trading, three individuals including Sprinklr’s CEO and Director purchased a total of over $1.2 million shares at a price of $16.00.
- Doximity (NASDAQ: DOCS) – Doximity operates a cloud-based digital platform for medical professionals. The company primarily serves pharmaceutical companies and health systems. DOCS stock began publicly trading in late June 2021. On June 28, 2021 the company’s director along with a major shareholder purchased nearly five million shares of DOCS stock.
- Fintech Acquisition Corp. V (NASDAQ: FTCV) – Fintech Acquisition Corp. is yet another SPAC that makes this list. The company is bringing the cross-border payments company eToro public. The merger is projected to close in September 2021. Luxor Capital Group, a major shareholder has purchased over 1.4 million shares in June.
Before you consider Asana, you'll want to hear this.
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