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Name: Brittany Bagley
Position: CFO & CBO
Transaction Date: 2023-05-17 Shares Bought: 250 Average Price Paid: $200.00 Cost: $50,000
Company: Axon Enterprise Inc. (AXON)
Name: Hadi Partovi
Position: Director
Transaction Date: 2023-05-17 Shares Bought: 10,000 Average Price Paid: $200.02 Cost: $2,000,198
Company: Axon Enterprise Inc. (AXON)
Axon’s objective is to safeguard life to foster peace, justice, and strong institutions. The moonshot objective is to reduce gun-related fatalities among police and the general public in the United States by half by 2033. As a worldwide public safety technology leader, Axon is creating the future public safety operating system by merging a range of hardware devices and cloud software solutions at the forefront of contemporary policing. Axon’s package includes TASER energy devices, body-worn cameras, in-car cameras, cloud-hosted digital evidence storage systems, productivity tools, and real-time operations capabilities.
Brittany Bagley is the Chief Financial Officer of Sonos, Inc. She also serves on the boards of Transphorm Technology, Inc., Aricent, Inc., and Transphorm, Inc. Ms. Bagley formerly worked as a Principal at Goldman Sachs & Co. LLC and a Managing Director at Kohlberg Kravis Roberts & Co. LP. Brown University awarded Brittany Bagley a bachelor’s degree.
Mr. Partovi is the CEO and co-founder of Code.org, a non-profit education organization, and a director on the boards of Axon Enterprise and Convoy. Mr. Partovi has served as a strategic adviser or an early investor in several digital firms, including Facebook, Dropbox, Uber, Airbnb, SpaceX, and Zappos. Mr. Partovi was Senior Vice President of Technology at MySpace from 2009 to 2010 and President and Co-Founder of ILIKE, Inc. from 2006 to 2009. Mr. Partovi was General Manager, Microsoft MSN Entertainment and MSN.com from 2002 to 2005 and Co-Founder and VP of Product and Professional Services for TELLME Networks, Inc. from 1999 to 2001. Mr. Partovi graduated from Harvard University with a B.A. and M.S. in Computer Science, summa cum laude.
Opinion: We’ve always struggled with the valuation metrices of Axon and that has prevented us from reaping the awards of long term investing in this long term winner. Normally a large insider buy like Mr. Partovi would have an immediate short term pop in share price. Perhaps other investors have come to the same conclusion. We intend to purchase here but are relying on our proprietary short term technical analysis to tell us when. I just hope its before they mention on their earnings call or press release how transformational AI will be to the vast realms of police interaction video they have stored.
Name: Eric Norris
Position: President, Energy Storage
Transaction Date: 2023-05-10 Shares Bought: 1,260 Average Price Paid: $195.49 Cost: $246,317
Company: Albemarle Corp (ALB)
Albemarle Corporation was founded in 1993 in Virginia. Albemarle is a worldwide leader in the development, production, and marketing of highly engineered specialty chemicals tailored to fulfill clients’ demands in a wide variety of end industries. The company’s mission is to make the world more secure and sustainable by unleashing people’s potential. Energy storage, petroleum refining, consumer electronics, construction, automotive, lubricants, medicines, and crop protection are among the end markets served by the firm. The company believes that its commercial and geographic diversity, technical expertise, access to high-quality resources, innovative capability, flexible, low-cost global manufacturing base, experienced management team, and strategic focus on core base technologies will enable it to maintain leadership positions in the specialty chemicals industry segments in which it operates.
Eric Norris joined Albemarle as Chief Strategy Officer in January 2018. In this capacity, he oversaw the company’s strategic planning, M&A, and corporate business growth programs and its investor relations initiatives. He was named President of the Lithium worldwide business unit in August 2018. Norris was formerly the President of Health and Nutrition at FMC Corporation. Norris formerly held the positions of Vice President and Global Business Director for FMC Health and Nutrition, as well as Vice President and Global Business Director for FMC Lithium. During his 16-year tenure with FMC, he held other leadership positions such as Investor Relations, Corporate Development, and Director of FMC Healthcare Ventures. Norris has a Master of Business Administration from Harvard University and a Bachelor of Science in Chemistry and German from Colgate University.
Opinion: Chinese lithium price anxiety combined with Chile nationalization created a buying opportunity as ALB share price sold off. Several insiders have been opportunistic buyers.
Name: Shiu Leung Chan
Position: Director
Transaction Date: 2023-05-11 Shares Bought: 3,000 Average Price Paid: $133.88 Cost: $401,640
Company: Super Micro Computer Inc. (SMCI)
Based in Silicon Valley, Super Micro Computer Inc. offers accelerated compute platforms: high-performance, high-efficiency server and storage systems optimized for specific applications. These platforms are used in various markets, including enterprise data centers, cloud computing, artificial intelligence, 5G, and edge computing. When discussing total IT solutions, it is important to note that this includes full servers, storage systems, modular blade servers, blades, workstations, complete rack scale plug-and-play solutions delivering pre-defined and pre-tested full rack scale solutions, networking devices, server sub-systems, system management, and security software. Additionally, the business offers customers worldwide assistance with installing, upgrading, and maintaining their computer infrastructure. By offering a wide range of server models and configurations, the firm gives its clients a high degree of customization and freedom to select the best options for their computing requirements. High levels of dependability, quality, configurability, and scalability are provided by the architecturally designed server and storage systems, sub-systems, and accessories.
Shiu Leung Chan is the founder and currently the president of KCR Development, Inc. Mr. Chan has more than three decades of expertise as an entrepreneur and in the high-technology industry. From 2015 until 2019, he most recently served as chairman of ESS Technology, Inc., a privately held semiconductor business he had created. From 1995 through 2008, ESS Technology was a publicly traded business on Nasdaq. During that time, he held several top management positions, including the chairman, president, and chief executive officer, as well as serving as a director. Additionally, Mr. Chan has held the positions of chairman of a privately held consumer electronics business, founder and executive officer of a VLSI chip design center offering computer-aided design, engineering, and other design services, and co-founder and executive officer of a business engaged in the development of computer-aided engineering systems. Mr. Chan graduated from the University of Hawaii with a B.S.E.E. and an M.S.C.
Opinion: An interesting purchase near all time highs. This is one of the most bullish of insider buying indicators. Business is good and going to stay good is the way I read this one. Its hard to dive into this name considering its up 60% in the last month alone. Their focus on cloud, superscalar, edge computing now riding on the NVDA AI train. Interparty transactions and manufacturing footprint are clearly identified risks in the 10K. Warren Buffett likely changed is his mind on Taiwan Semi for the Taiwan China USA conflagration risk.
Name: Chris Avery
Position: Director
Transaction Date: 2023-05-10 Shares Bought: 5,000 Average Price Paid: $95.75 Cost: $478,750
Company: Cullen/Frost Bankers Inc. (CFR)
Cullen/Frost Bankers, Inc., a Texas business organization founded in 1977, is a financial holding company and a bank holding company based in San Antonio, Texas, that offers a diverse range of goods and services in several Texas markets. The organization provides commercial and consumer banking services, as well as trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advising, and item processing services. The company aims to develop and flourish by establishing long-term partnerships based on high-quality service, high ethical standards, and certain assets. The firm operates as a regionally focused, community-based financial services organization, supplemented by an expert, centralized assistance in key areas. The regional management and advisory boards, formed of local business people, professionals, and other community leaders who support the regional management in responding to local banking requirements, reflect the local market orientation.
Dr. Chris M. Avery is the chairman and former CEO and president of James Avery Craftsman, Inc., a family-owned business formed in 1954 by his father to make exquisitely made jewelry creations. Dr. Avery has been on the board of directors of James Avery Craftsman, Inc. since 1989. He resigned from his position as head of anesthesia at Sid Peterson Memorial Hospital in Kerrville, Texas, in 1991 to help with the transition and direction of the family company. He is a registered physician and board-certified anesthesiologist. In 1991, he was named president and chief operating officer, and in May 2007, he was named CEO and chairman of the board. Dr. Avery graduated from Stephen F. Austin State University with a bachelor’s degree in biology and from the University of Texas Medical School in San Antonio with a medical degree.
Opinion: You have to believe that Director Avery understands what’s on the loan book at CFR. Banks are notoriously hard to analyze but several astute hedge fund investors have been dipping their toes into the regional basket.
Name: Kevin M Mcnamara
Position: Director
Transaction Date: 2023-05-12 Shares Bought: 20,500 Average Price Paid: $48.92 Cost: $1,002,803
Company: Tyson Foods Inc. (TSN)
Tyson Foods, Inc., established in 1935 by John W. Tyson, is one of the world’s biggest food corporations and a recognized leader in protein. The firm has a completely vertically integrated chicken production process, with most products certified as antibiotic-free. Breeding stock, contract farmers, feed production, processing, further processing, marketing, and shipping of chicken and allied specialty goods, including animal and pet food components, are all part of the company’s integrated activities. The firm also processes live-fed calves and pigs, dressing dressed beef and pork carcasses into primal and sub-primal meat pieces, case-ready beef and pork, and fully-cooked meats. Furthermore, the corporation derives value from specialty items supplied to additional processors and others, such as hides and various types of meat.
Kevin’s financial skills and professional experience are essential to Tyson Foods’ board, audit committee, compensation and leadership development committee, and pay and leadership development committee. Kevin has been the CEO of Tyson Foods Inc since 2007. From 2015 until 2018, Kevin was the CEO of CenseoHealth, a major supplier of in-home physician evaluations. He is also the founder and principal of McNamara Family Ventures, a family investment firm that provides venture and growth funding to healthcare enterprises. He has been a director of Agilum Healthcare Intelligence since 2011 and was an operating partner in Health Evolution Partners, a healthcare-focused private equity company, from 2013 to 2014. Since 2007, he has also served as a director of Luminex Corporation and is now a director of Signify Health.
Opinion: Do you like to eat? Tyson accounts for 20% of the protein production of the country. Eventually they will figure out the inflationary cost impact on their margins. Can you say eat more chicken at higher prices?
Name: Reade L Fahs
Position: Chief Executive Officer
Transaction Date: 2023-05-15 Shares Bought: 12,625 Average Price Paid: $23.81 Cost: $300,601
Company: National Vision Holdings Inc. (EYE)
National Vision Holdings Inc. is one of the major optical retailers in the United States and a market leader in the attractive value area of the optical retail business in the United States. The organization believes that vision is essential to the quality of life and that everyone, regardless of income, deserves to see and live their best lives. The company aims to make high-quality eye care and eyeglasses cheap and accessible to all Americans. This is accomplished by offering eye tests, eyeglasses, and contact lenses to value-seeking and lower-income customers. The firm provides outstanding value and convenience to clients with an initial price point that seeks to be among the lowest in the market, supported by a low-cost operational infrastructure.
Reade Fahs has been the Chief Executive Officer and President of National Vision since January 2003. He joined the company in April 2002 as President and Chief Operating Officer. Under his leadership, National Vision has become one of the biggest and fastest-growing optical retailers in the United States. Before joining National Vision, Reade was the CEO of First Tuesday, a European online start-up. Before joining First Tuesday, he was Managing Director of Vision Express U.K., overseeing a spectacular turnaround of the company’s biggest and most successful segment. He also serves on the Pennsylvania College of Optometry boards at Salus University, PetVet Care Centres, The Atlanta Committee for Progress, and Atlanta’s Alliance Theatre. Reade earned a B.A. in English and American Literature from Harvard University.
Opinion: Bricks and mortar retail is a tough business. I doubt Footlocker’s disastrous quarter is an exception.
Name: Neal Lux
Position: President & CEO
Transaction Date: 2023-05-11 Shares Bought: 22,000 Average Price Paid: $21.59 Cost: $474,950
Company: Forum Energy Technologies Inc. (FET)
Forum Energy Technologies Inc is a multinational corporation that provides services to the oil, natural gas, industrial, and renewable energy sectors. FET offers value-added solutions to help clients improve their operations’ safety, efficiency, and environmental impact. The company’s offerings include both highly developed capital equipment and consumables. These consumables are used in drilling, well building, and completions operations, as well as in processing centers and refineries. Drilling rig equipment for new or upgraded existing rigs, subsea construction and development projects, pressure pumping equipment, production equipment placement on new producing wells, downstream capital projects, and capital equipment for renewable energy projects are among the engineered capital products.
Mr. Lux has been President and Chief Executive Officer since February 2022. Mr. Lux has held numerous operational positions of increasing significance with the Company and its subsidiaries since January 2009, including Executive Vice President – operational, Senior Vice President – Completions, Managing Director – Global Tubing, and President – Global Tubing. Purdue University awarded him a B.S. in Industrial Engineering.
Opinion: Conversion of 40% of debt to equity in January combined with overall robust fundamentals should make this buy a winner.
Name: Gregory S Daily
Position: Chief Executive Officer/10% Owner
Transaction Date: 2023-05-12 Shares Bought: 50,000 Average Price Paid: $21.56 Cost: $1,077,874
Company: i3 Verticals Inc. (IIIV)
i3 Verticals develops, buys, and expands software solutions in critical vertical markets. The company’s comprehensive range of specialized solutions fits the clients’ corporate demands, resulting in long-term collaborations. The company’s payments technology fits effortlessly with solutions, unleashing new value. Since its inception in 2012, the firm has gradually expanded its market share and solution breadth via internal growth activities and acquisitions. The compounding cash flow creation has positioned the firm to capitalize on strategic opportunities and increase product offerings for years.
Greg Daily is the CEO and the Chairman of the Board of Directors. Mr. Daily co-founded iPayment, Inc. in 2001 and served as its Chairman and Chief Executive Officer until his resignation in 2011. Mr. Daily co-founded PMT Services, Inc., a credit card processing firm, in 1984 and served as its President until the company was sold to NOVA Corporation in 1998, where he remained Vice Chairman of the board of directors until 2001. Mr. Daily graduated from Trevecca Nazarene University with a Bachelor of Arts degree.
Opinion: Conservative guidance is the likely culprit for I3 Verticals earnings call sell off. The stock has quickly rebounded with the CEO’s $1Million share purchase. This looks like a good entry point.
Name: Vikram A Atal
Position: President and CEO
Transaction Date: 2023-05-18 Shares Bought: 40,000 Average Price Paid: $18.81 Cost: $752,250
Company: Pra Group Inc (PRAA)
PRA Group Inc. is a multinational financial and business services firm operating in the Americas, Europe, and Australia. The principal operation of the firm is the acquisition, collection, and administration of non-performing loan portfolios. The company generally buys unpaid debts owed by people to credit originators, which include banks and other forms of consumer, retail, and auto lending organizations. The Core business specializes in acquiring and collecting nonperforming loans, which the company acquired after credit originators and other third-party collection agencies could not collect the total owing. The insolvency activity of the firm largely comprises acquiring and collecting on non-performing loan accounts if the client is engaged in a bankruptcy case or the equivalent in several European countries.
Mr. Vikram A. Atal is a Senior Advisor at McKinsey & Co., Inc., an Independent Director at PRA Group, Inc., a Strategic Advisor at Crayondata, the President of Atal Advisers LLC, and a Mission Engine LLC Advisor. He serves on the boards of Goldman Sachs Bank USA and PRA Group, Inc. Mr. Atal formerly worked for Booz & Co. as an Advisor and Citigroup, Inc. as an Executive Vice President. He was also a director of The Student Loan Corp. and Upromise, Inc. He earned an undergraduate degree from St. Stephens College and an undergraduate degree from the London School of Economics and Political Science.
Opinion: One would think that credit collection companies would do well with the potential looming recession. PRA Group reported a disastrous 1st quarter losing $1.50 per share versus consensus $.48. The stock fell nearly 50% on this news. Vikram was just appointed CEO in March of this year, likely making this one of those kitchen sink quarters.
Name: Richard N Massey
Position: Chief Executive Officer
Transaction Date: 2023-05-12 Shares Bought: 50,000 Average Price Paid: $18.01 Cost: $900,615
Company: Cannae Holdings Inc. (CNNE)
Cannae Holdings Inc. mainly acquires stakes in running firms and actively manages and operates a core group of those companies, which the company is devoted to long-term support. The corporation will occasionally attempt to acquire major equity ownership shares in companies with the potential to govern or significantly affect quality companies. It will provide the power of operational skills to each of its subsidiaries. The firm is a long-term owner that secures ownership and governance rights of other companies for them to operate in their lines of business. No time limits determine when the company sells or disposes of the enterprises.
Rick Massey is the CEO of Cannae Holdings, Inc. and a member of the Cannae Holdings board of directors. Mr. Massey most recently partnered with Westrock Capital Partners and Bear State Advisors, both multifamily investment firms. Mr. Massey previously worked as Managing Director of Stephens Inc., a private investment bank, from 2000 to 2006, during which time his financial consulting practice concentrated on software and information technology firms. Mr. Massey is also a director of Cannae portfolio firms Dun & Bradstreet Corporation and Alight, Inc. Mr. Massey formerly served on the boards of Fidelity National Financial, Black Knight, Inc., Fidelity National Information Systems, and FGL Holdings. He also serves as a director of the Oxford American Literary Project and Chairman of the Arkansas Razorback Foundation.
Opinion: Private equity is black box investing. You have to believe that CEO Massey knows what the portfolio contains.
Name: Hill J Thomas
Position: Director
Transaction Date: 2023-05-17 Shares Bought: 11,926 Average Price Paid: $16.78 Cost: $200,134
Company: Regions Financial Corp (RF)
Regions Financial Corporation is a financial holding company based in Birmingham, Alabama, that operates across the South, Midwest, and Texas. Regions also have offices in New York, Washington, D.C., Chicago, and other cities around the country that provide specific expertise. Regions offer a comprehensive variety of financial services to a diverse customer base, including retail and mortgage banking, commercial banking, and wealth and investment management. Regions and its subsidiaries also provide specialized services such as merger and acquisition advice services, capital markets solutions, home improvement finance, and others.
Thomas Hill is on the boards of the Chamber of Commerce of the United States of America, The Economic Development Partnership of Alabama, Inc., United Way of Central Alabama, Inc., and Birmingham Business Alliance. He is also the Chairman, President, and CEO of Vulcan Materials Co. Mr. Hill formerly served as Chairman of the Texas Aggregate & Concrete Association. J. Thomas Hill earned his bachelor’s degree from the University of Pittsburgh.
Opinion: You have to believe that Director Hill understands what’s on the loan book at RF. Banks are notoriously hard to analyze but several astute hedge fund investors have been dipping their toes into the regional basket.
Name: Kelcy L Warren
Position: Chairman
Transaction Date: 2023-05-12 Shares Bought: 500,000 Average Price Paid: $12.27 Cost: $6,135,000
Company: Energy Transfer LP. (ET)
Energy Transfer LP, a Delaware limited partnership, trades its common units. Additionally, the corporation has assets in other companies, such as publicly listed master limited partnerships Sunoco LP and USAC. Cash flow for Energy Transfer comes from distributions relating to its ownership in its subsidiaries, such as USAC and Sunoco LP. Energy Transfer’s main liquidity needs include distribution to partners, general and administrative costs, and debt servicing obligations. After satisfying the liquidity above criteria, Energy Transfer distributes any remaining cash to its unitholders every quarter.
Kelcy L. Warren is the Executive Chairman of the Board of Directors of Energy Transfer LP and has been a leader in the energy industry for nearly 40 years. Mr. Warren co-founded Energy Transfer in 1996, which began as a small intrastate natural gas pipeline operator and is now one of the industry’s largest and most diversified publicly traded energy companies. Today, the Energy Transfer family of partnerships includes Energy Transfer LP, Sunoco LP, and USA Compression Partners LP.
Opinion: Kelcy is a consistent buyer of this massive fossil fuel infrastructure play. 9.64% dividend yield looks like a gift as the transition to green energy is far more difficult than and unlikely in any near term horizon. Even hydrogen would have to be sent on pipelines.
Name: Alexander M Davern
Position: Director
Transaction Date: 2023-05-17 Shares Bought: 24,000 Average Price Paid: $11.79 Cost: $283,019
Transaction Date: 2023-05-12 Shares Bought: 24,000 Average Price Paid: $11.19 Cost: $268,580
Company: Faro Technologies Inc (FARO)
FARO, founded in 1982, is a global technology company that designs, develops, manufactures, markets, and supports software-driven three-dimensional measurement, imaging, and realization solutions for the 3D metrology, architecture, engineering, construction, operations and maintenance, and public safety analytics markets. Customers may record, measure, alter, interact with, and exchange 3D and 2D data from the real world in a virtual environment and then transform this information into the physical domain. The comprehensive technology set provides the clients with a wide choice of 3D capture methods, ranging from ultra-high precision laser-scanner-based technology to lower-accuracy photogrammetry-based technology.
Alexander Mathew Davern is a member of the Institute of Chartered Accountants of Ireland and serves on the boards of five different firms. He formerly served as President of the American Electronics Association, a member of the Texas Society of Certified Public Accountants, and a member of The Institute of Chartered Accountants in Ireland. University College Dublin awarded him an undergraduate degree.
Opinion: Faro had a big Q1 earnings miss. Six insiders bought share in a coordinated show of confidence although only two were greater than our minimum $200,000 level of interest.
Name: Robyn Tannenbaum
Position: President
Transaction Date: 2023-05-11 Shares Bought: 243,372 Average Price Paid: $10.22 Cost: $2,488,319
Company: AFC Gamma Inc. (AFCG)
AFC Gamma, Inc. is a commercial real estate institutional lender created in July 2020 by an experienced team of financial experts. The firm mainly originates, structures, underwrites, invests in, and manages senior secured loans and other commercial real estate loans and debt instruments, focusing on cannabis industry operators in jurisdictions where medicinal and adult-use cannabis has been legalized. The company’s investment rules were recently increased to deploy cash in attractive loan possibilities backed by commercial real estate. The company aims to deliver good risk-adjusted returns over time via cash distributions and capital appreciation, particularly through lending to real estate developers and state law-compliant cannabis businesses.
Mrs. Tannenbaum has over seven years of expertise in healthcare mergers & acquisitions and leveraged loans. She also has five years of expertise in the banking business as an investor relations specialist. Mrs. Tannenbaum formerly worked as Fifth Street Asset Management’s Head of Investor Relations and Vice President of Healthcare mergers and acquisitions at CIT Group Inc. She earned a B.S. in Finance with an emphasis in Marketing and a minor in Public Relations from Lehigh University.
Opinion: I don’t pretend to have enough insight to even begin to understand this one.
Name: James Defranco
Position: Director
Transaction Date: 2023-05-11 Shares Bought: 3,000,000 Average Price Paid: $6.20 Cost: $18,586,000
Company: Dish Network Corp. (DISH)
DISH Network Corporation was formed in 1995 as a Nevada business under Nevada law. In March 1996, the firm launched the DISH branded pay-TV service, followed by the SLING® branded pay-TV service in January 2015, and retail wireless services in July 2020. DISH Network Corporation is a conglomerate. The Pay-TV business plan aims to be the top video service provider in the United States by offering goods with cutting-edge technology, exceptional customer service, and amazing value. The firm promotes Pay-TV services by offering consumers a better “price-to-value” connection and experience than other subscription television service providers.
Jim DeFranco is one of DISH’s Executive Vice Presidents and has been a vice president and member of the Board of Directors since the company’s inception. During the last five years, he has held numerous executive officer and director roles with DISH’s subsidiaries. In 1980, Jim co-founded DISH Network with Charlie Ergen and Cantey Ergen.
Opinion: People have been saying the cellular spectrum Dish has bought is worth more than the Company. This may be true but cable TV is looking increasingly worthless and Elon Musk’s Starlink threatens satellite TV. Are we there yet? This is Defranco’s largest buy yet. At some point they sell out to Starlink?
Name: Ryan Levenson
Position: Director
Transaction Date: 2023-05-17 Shares Bought: 133,788 Average Price Paid: $6.81 Cost:$911,328
Transaction Date: 2023-05-12 Shares Bought: 68,000 Average Price Paid: $6.10 Cost: $414,528
Company: Great Lakes Dredge & Dock CORP. (GLDD)
The Great Lakes are the biggest dredging service provider in the United States and have a long history of working on important international projects. Additionally, the firm is actively extending its core operations into the rapidly growing offshore wind energy sector. As Lydon & Drews Partnership, the business was established in 1890 and completed its first project in Chicago, Illinois. After changing its name to Great Lakes Dredge & Dock Company in 1905, the company worked on various landfill and marine building projects along the Great Lakes and Chicago’s lakefront. Since its inception, the Great Lakes have taken the lead in the construction and upkeep of the country’s navigation system, the defense of coastlines, the restoration of delicate ecosystems, and the development of vital aquatic infrastructure.
Ryan Levenson is the Principal and Portfolio Manager of Privet Fund Management, LLC. Currently, Mr. Levenson has positions on the boards of directors of Cicero, Inc., Hardinge, Inc., Frequency Electronics, Inc., and Inc. Before this, Mr. Levenson served as a director of Material Sciences Corp. from May 2013 until its sale in March 2014, and as a director and member of the Compensation, Organisation, and Corporate Governance Committee of RELM Wireless, Inc. Mr. Levenson worked as the Vice President of Business Development at MSI, a privately owned distributor of building goods and provider of construction services, from 2003 to 2006 before starting Privet Fund Management LLC in February 2007.
Opinion: Another purchase by Levinson further validates the waterway infrastructure of the U.S. We are getting more conviction in this name
Name: Sidney J Feltenstein
Position: Director
Transaction Date: 2023-05-18 Shares Bought: 75,000 Average Price Paid: $5.96 Cost: $447,000
Company: Tutor Perini Corp (TPC)
Tutor Perini Corporation is a revenue-driven construction corporation that provides diverse general contracting, construction management, and design-build services to private clients and governmental agencies worldwide. Under the markets, the firm has a good reputation for completing big, complicated projects on schedule and under budget while adhering to tight quality control methods. The firm provides general contracting, pre-construction planning, and full project management services, including project people, equipment, supplies, and subcontractors’ planning and scheduling. Site work; concrete forming and placement; steel erection; electrical; mechanical; plumbing; heating, ventilation, and air conditioning; and fire protection are also offered by the firm. During 2022, the company worked on over 1,300 construction projects.
Sidney J. Feltenstein has been a director since November 2013 and a Senior Operating Partner of Sentinel Capital Partners, an American private equity company specializing in mid-market firms, since February 2010. In February 2003, he stepped down as Chairman and CEO of Yorkshire Global Restaurants, Inc., the holding company for A&W Restaurants and Long John Silver’s, which he created in 1994. Mr. Feltenstein offers to the Board considerable operational and marketing management skills gained from numerous roles held during his career and his experience as a director of other public and private organizations. Mr. Feltenstein graduated from Boston University with a Bachelor of Arts in Communications.
Opinion: Opportunistic purchase on Q1 earnings miss.
Name: Anthony Noto
Position: Chief Executive Officer
Transaction Date: 2023-05-15 Shares Bought: 108,000 Average Price Paid: $4.67 Cost: $504,706
Company: SoFi Technologies Inc. (SOFI)
SoFi Technologies Inc. is a one-stop shop for financial services that is focused on its members. Its Lending and Financial Services products allow members to borrow, save, spend, invest, and protect their money. Customers are referred to as “members” by the firm. The objective of the firm is to assist members in achieving financial independence to fulfill their dreams. The company started up in 2011 and has made a set of financial solutions that can only be done quickly, easily, and with a wide range of options on an integrated digital platform. Everything the firm does now is oriented around assisting members in “Getting Your Money Right,” and the company strives to develop and create methods for members to attain this objective.
Anthony is the CEO of SoFi and a board member of the company. Before joining SoFi, he served as the company’s chief operational officer since November 2016 and its chief financial officer since July 2014. Before joining Twitter, Anthony worked at Goldman Sachs for over four years as the co-head of global TMT investment banking. He started working at Goldman Sachs in 1999 and was in charge of research on communications media and the Internet until 2004, when he was made a partner. Anthony spent almost three years as the National Football League’s chief financial officer before returning to Goldman.
Opinion: Noto continues to average down on analyst downgrade sell-off on this potential one stop online banking play. I say potential as the number of new accounts on board is impressive, the overall platform still lacks compelling important leading edge components like brokerage and stock market investment. I assume though with their tech stack they will eventually either build or acquire what they need to round out the offering.
Name: DeLyle W Bloomquist
Position: President and CEO
Transaction Date: 2023-05-15 Shares Bought: 60,000 Average Price Paid: $4.47 Cost: $268,200
Company: Rayonier Advanced Materials Inc. (RYAM)
Rayonier Advanced Materials Inc. is a global leader in specialty cellulose materials, offering a diverse range of high-purity cellulose specialties, a natural polymer used in the manufacture of a wide range of specialty chemical products such as liquid crystal displays, filters, textiles, and performance additives for pharmaceutical, food, and other industrial applications. Building on over 95 years of cellulose chemistry knowledge, the company delivers some of the best quality high-purity pulp products that serve as the foundation for the client’s goods while also providing great service and value. In addition, the firm manufactures a unique, lightweight multi-ply paperboard product and a bulky, high-yield pulp product. Paperboard produced by the firm is utilized in the commercial printing, lottery ticket, and high-end packaging industries.
DeLyle W. Bloomquist is the President, Chief Executive Officer, and Director of Rayonier Advanced Materials, Inc. Mr. Bloomquist is also a director of GCM Mining Corp., Ciner Wyoming LLC, Gran Colombia Gold Titiribi Corp., and Evoq Nano, Inc., as well as a member of the Brigham Young University President’s Leadership Council, a partner at SilverLeaf Capital Advisors LLC, and a partner at Ranch Estates LLC. DeLyle W. Bloomquist previously served as Chief Operating Officer and Vice President at The General Chemical Group, Inc., as President-Global Chemicals Business at Tata Chemicals Ltd., and as President, Chief Executive Officer, and Director at Tata Chemicals North America, Inc. Mr. Bloomquist has an undergraduate degree from Brigham Young University, an MBA from the Tepper School of Business, and an MBA from Carnegie Mellon University.
Opinion:
Name: Marc DeBevoise
Position: Chief Executive Officer
Transaction Date: 2023-05-16 Shares Bought: 70,000 Average Price Paid: $3.51 Cost: $245,456
Company: Brightcove Inc (BCOV)
Brightcove Inc. is a prominent worldwide supplier of cloud-based streaming services to become the world’s most trusted streaming technology firm. The company assists clients in realizing the promise of video to solve business-critical issues via Emmy-winning technology and award-winning services. Customers depend on the product portfolio, services, and experience to decrease the cost and complexity of publishing, distributing, measuring, and monetizing video across devices.
Marc DeBevoise is a seasoned executive with extensive expertise in the direct-to-consumer, media, and technology sectors. During Marc’s term as CEO, the firm rose to prominence as a key participant in direct-to-consumer streaming and a prominent worldwide Internet corporation, owing principally to the establishment and expansion of its streaming services, notably Paramount+. Marc is also the Vice Chairman and President of Argus Capital Corp., a special-purpose acquisition company focusing on technology-enabled media, and the Board President of The Door. This non-profit organization helps at-risk adolescents in New York City. Marc got his M.B.A. in Entertainment, Media & Technology, and Finance with distinction from New York University’s Stern School of Business and his B.A. in Economics and Computer Science from Tufts University.
Opinion: I haven’t seen any revenue growth in five years. I’m not waiting around for any either.
Name: Fredrick Schaufeld
Position: Director
Transaction Date: 2023-05-12 Shares Bought: 253,807 Average Price Paid: $2.36 Cost: $598,985
Company: Telos Corp. (TLS)
The Telos Corporation provides cutting-edge, software-based security solutions that empower and shield the most security-conscious enterprises in the world against constantly developing sophisticated and widespread attacks. Customers are given the tools they need to expand their markets and better serve their stakeholders. They successfully defend their country or business thanks to the range of security products, services, and knowledge. For the clients to pursue their business objectives and carry out their global missions with confidence in their security and privacy, protect their people, information, and digital assets.The company may also use net proceeds to buy complementary companies, goods, services, or technological advancements. Numerous variables will affect how much and when the net proceeds are used.
Fredrick D. Schaufeld is a partner in and managing director of SWaN & Legend Venture Partners. In addition to the Capital One Arena, the Washington Capitals, the Wizards, and the Mystics Capital City Go-Go, Mr. Schaufeld is a partner in Monumental Sports and Entertainment. He is a co-owner of the Washington Nationals, Team Liquid, Harpers Ferry’s Hill Top House Hotel, and the Professional Fighters League. Mr. Schaufeld also owns American Bike Ride, the parent business of the DC Bike Ride. Mr. Schaufeld lives in Virginia with his wife, Karen. They participate actively in organizations that support early childhood development, the arts, peace, the environment, literacy, and health. He chairs the Inova Health System Foundation and is on the board of the Wolf Trap Foundation.
Opinion: Where is the growth in a growth industry?
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Insiders sell the stock for many reasons, but they generally buy for just one – to make money. You’ve always heard the best information is inside information. Everyone who has any experience at in the stock market pays close attention to what insiders are doing. After all, who knows a business better than the people running it? Officers, directors, and 10% owners are required to inform the public through a Form 4 Filing any transaction, buy, sell, exercise, or any other within 48 hours of doing so. This info is available for free from the SEC’s Web site, Edgar, although we subscribe to SECForm4 as they provide a way to manage and make sense of the vast realms of data. I’ve tried a lot of vendors. SECForm4 is one of the smaller ones, but I like supporting Frank. He is not arrogant. He’s helpful and has great prices. He also trades on his own data, so I like people that eat what they kill.
The bar is different from selling because the natural state of management is to be a seller. This is because most companies provide significant amounts of management compensation packages as stock and options. Therefore, with selling, we analyze unusual patterns, such as insiders selling 25 percent or more of their holdings or multiple insiders selling near 52-week lows. Another red flag is large planned sale programs that start without warning. Unfortunately, the public information disclosure requirements about these programs, referred to as Rule 10b5-1, are horrendously poor. Also, planned sales that pop up out of nowhere are basically sales and are seeking cover under this corporate welfare loophole. I also generally ignore 10 percent shareholders as they tend to be OPM (other people’s money) and perhaps not the smart money on which we are trying to read the tea leaves. I say generally because some 10% shareholders are great investors. Think Warren Buffett, Icahn, and others
Of course, insiders can also be wrong about their Company’s prospects. Don’t let anyone fool you into believing they never make mistakes. Do your own analysis. They can easily be wrong, and in many cases, maybe most cases have no more idea what the future may hold than you or me. In short, you can lose money following them. We have, and we curse aloud; what were they thinking!
We like Fly on the Wall for keeping up with what events might be happening, analysts’ comments, and whatever else could be moving the stock. Dow Jones news service is an essential tool but many services pick up their feed like they do Bloomberg. For quick financial analysis, it’s hard to beat Old School Value.
A big callout to my assistant Ambreen who sets up this conversation by listing the notable buys that I’ve identified. She probes the 10k for a reasonable description of the business. I’ve found that to be the most accurate and succinct place to find out what a business actually does. The websites and marketing material are just that, poorly disguised marketing material for many. I should know that better than most if you at my past involvement in building the 1st websites for many Fortune 500 companies.
No one tracks and understands insider behavior better than us. We’ve been doing it religiously since 2001 when I quit being an insider myself and devoted myself full-time to managing my personal investments. Needless to say, past good fortune is no guarantee of future success. We may own positions, long or short, in any of these names and are under no obligation to disclose that.
This blog is solely for educational purposes and the author’s own amusement. Don’t rely on this blog. Think of the blog as part of my personal investment journal that I am willing to share with the DIY investor. We welcome your comments on our analysis, but please do your own research. Investing with The Insiders Fund is for qualified investors and by Prospectus only. Nothing herein should be construed otherwise. THE INSIDERS FUND prefers to invest in companies at or near prices that management has been willing to invest significant amounts of their own money in, but we have no requirement to do so. We also invest in many companies in anticipation of future insider buying or with the expectation that there is none at all.
You can be an insider, too– by clicking here
Prosperous Trading,
