These 3 Beaten-Down Stocks Just Saw $25 Million in Insider Buying

Key Points

• Insiders purchased more than $25 million worth of shares combined in Q2 across TKO Group, Shift4 Payments, and ON amid notable price declines.
• Shift4 founder Jared Isaacman led buying activity, acquiring $16 million in company stock in Q2 alone, with no insider selling tracked since Q4 2025.
• ON insiders showed the broadest buying signal, with three separate insiders purchasing $6.59 million in shares versus just $581,000 in insider selling.

In Q2, insiders are showing confidence in several key stocks across the entertainment, payments, and apparel industries. These names have experienced notable weakness in their share prices over the recent past. Amid this, insiders appear to see opportunity, buying more than $25 million worth of shares combined across these stocks.

TKO Insiders Buy $4.5 Million in Stock as Buyback Capacity Increases

TKO Group NYSE: TKO is a name that investors may not immediately recognize, but that is not the case for the key brands this company controls. TKO owns the WWE and the Ultimate Fighting Championship (UFC)—the world’s two most valuable combat sports organizations.

As these sports continue to grow in popularity, TKO has put up a strong return of over 35% since the start of 2025. However, the stock has experienced some weakness lately, down about 5% in 2026. The stock is also down almost 15% from its all-time high reached in early March.

This recent decline may be why insiders are stepping in. In Q2 2026, MarketBeat has tracked approximately $4.5 million worth of buying at TKO among three separate insiders. This is notable, considering that the stock had seen no insider buys since Q2 2025. To be fair, insider selling in Q2 isn’t much lower at around $3.66 million.

However, these sales came under predetermined 10b5-1 plans, limiting their bearishness.

Overall, TKO’s recent insider moves are a positive indicator going forward. These insider purchases also mesh with TKO’s buyback rhetoric. The company recently added $1 billion in buyback capacity and believes that there is a “dislocation in our stock price relative to its intrinsic value."

Shift4’s Founder Loads Up as Shares Tank

Shift4 Payments NYSE: FOUR sits in a similar boat as TKO—seeing insider sales move up as shares fall. However, on both of these fronts, activity is much more dramatic. Since the start of 2025, markets have crushed FOUR, with shares down more than 55%. The company provides point-of-sale payment processing solutions, including hardware and software, having significant penetration in restaurants, hospitality, and stadiums.

Notably, the company is growing fast, with gross revenue less networking fees increasing by 46% year-over-year (YOY) in 2025. However, investors seem concerned with the fact that acquisitions are driving so much of the company’s growth.

Shift4 notes that when excluding its purchases of Global Blue and SmartPay, gross revenue less networking fees increased by just 23% YOY. In other words, acquisitions accounted for half of its growth—raising questions about whether this trajectory is sustainable.

While founder Jared Isaacman no longer runs Shift4, he is displaying significant confidence in the company. In Q2, Isaacman has already bought $16 million worth of Shift4 stock, only moderately below the $18 million he spent in all of Q1. MarketBeat also has not tracked any insider selling at Shift4 since Q4 2025. While this buying serves as a positive indicator, it is also worth noting that only one individual is purchasing. This mitigates the bullish signal, as purchases among insiders are not broad-based.

Insiders Run to Buy ONON With Shares Down Big Over 30% From Highs

Last up is ON NYSE: ONON, known for its On brand running shoes and athletic apparel. The stock captured a lot of attention from investors in 2024, with shares more than doubling during the year. This came as ON’s adjusted earnings per share (EPS) rose by 200% YOY in its fiscal year 2024 (FY2024), to 0.75 Swiss Francs (approx. $1.09). That figure moved in the opposite direction in FY2025, falling 17.6% YOY to ₣0.61 (approx. $1.02).

However, the company’s operating results were strong, with operating income rising 78% YOY in 2025. Rather than operational deterioration, foreign exchange headwinds—which are completely out of the firm’s control—put big-time pressure on net income.

Nonetheless, shares are down more than 25% since the start of 2025 and have fallen more than 35% from their all-time high. The company’s strong underlying performance may be why insiders feel comfortable picking up the slack in shares.

MarketBeat has tracked $6.59 million worth of insider buying at ON in Q2—drastically higher than its $581,000 worth of insider selling. Notably, these purchases come from three separate insiders—signaling continuity in their belief that the stock is attractive. Overall, these moves provide a solid bullish signal for ON's stock.

Could Shift4 Shift Into Gear? Analysts See Solid Upside Ahead

When considering both consensus forecasts and recently updated forecasts, Wall Street analysts are expressing the most bullishness in Shift4. The MarketBeat consensus price target near $70 implies about 60% upside in shares. However, this figure includes a fair number of targets that have not seen updates in some time. Targets updated after the company’s latest earnings report are considerably lower, averaging around $59. Still, this figure implies substantial upside of 30%.