CHAOS 2.0 seems to be morphing into Insanity 1.0. Consumer confidence is plunging, businesses are scrambling for direction, and the world seems like a far more dangerous place as we turn allies into enemies. The stock market is a giant real time voting machine, imperfect and prone to panic just like real people. The 1st Quarter is coming to a close which also means insiders are blacked out from buying their stock. Living below the 200-day moving average is a constant struggle between doubt and conviction. Without insiders confirming our decisions, it will be even more challenging than normal.
The market is coming to the realization that the Trump put might be quite a bit lower than thought, if there is even a put at all. Maybe Trump is short?
Name: Antonio Carrillo
Position: President & CEO
Transaction Date: 03-10-2025 Shares Bought: 6,345 shares an Average Price Paid of $78.56 for Cost: $498,438
Company: Arcosa Inc. (ACA):
Arcosa, Inc., headquartered in Dallas, Texas, is a leading provider of infrastructure-related products and solutions for the construction, engineered structures, and transportation markets in North America. Its businesses have built a strong reputation for quality, service, and operational excellence. Arcosa operates across various infrastructure sectors with a strategic focus on driving organic growth and pursuing disciplined acquisitions to leverage the fragmented nature of many industries it serves. With a diverse business portfolio and expanding growth opportunities, the company is well-positioned to benefit from key market trends, including the replacement and expansion of aging transportation infrastructure, the transition to renewable energy generation, and the development of new transmission, distribution, and telecommunications infrastructure.
Antonio Carrillo, President and CEO of Arcosa, also serves on the company’s Board of Directors. From April to November 2018, he was Senior Vice President and Group President for Construction, Energy, Marine, and Components at Trinity Industries. From 2012 to February 2018, he served as a finance professor at the Instituto Tecnológico Autónomo de México, one of the country’s most prestigious finance and accounting institutions. He holds a Master of Business Administration with a focus on finance from the Wharton School at the University of Pennsylvania and a Bachelor’s Degree in Mechanical and Electrical Engineering from Universidad Anáhuac in Mexico City.
Opinion: Arcosa, Inc. (NYSE: ACA) anticipates that approximately 40% of its growth in 2025 will be organic, with the remaining 60% attributed to acquisitions. That means debt or equity financed growth which works until it doesn’t. Not a big fan of growth like this. Would prefer tuck in acquisitions but there are several examples like Comfort Systems (FIX ) that have done very well. The problems with this usually get stress tested when the cyclical economy inevitably rolls over.
Name: Joseph Keough
Position: Director
Transaction Date: 03-13-2025 Shares Bought: $5,000.00 shares an Average Price Paid of $69 for Cost: $346,400
Company: Meritage Homes Corp (MTH):
Meritage Homes Corporation is a leading designer and builder of single-family attached and detached residences. The company focuses on historically high-growth regions in the United States, providing a variety of entry-level and first-time homebuyer options. Operations are divided into three primary homebuilding segments: West, Central, and East, spanning twelve states. Additionally, a financial services division offers title and escrow, mortgage, and insurance services.
Joseph Keough is the Chairman and CEO of Wood Partners, having joined the company in 2008. Previously, he served as Chief Operating Officer at Fuqua Capital, where he managed the firm’s investment strategy across various asset classes. He also held the role of Senior Vice President of Development and Investment Strategy in the office/multifamily division at Cousins Properties, a publicly traded real estate investment trust. Earlier in his career, he was a Principal at The Boston Consulting Group. Mr. Keough earned an MBA from Harvard Business School and a bachelor’s degree in Finance and Economics from Babson College.
Opinion: I like Meritage. Interest rates are coming down and builders should rally. Trump’s tariff policy could drive up costs and add to unemployment in the short term, so my enthusiasm is tempered.
Name: M. Scott Welch
Position: Director
Transaction Date: 03-07-2025 Shares Bought: 10,000 shares an Average Price Paid of $61.34 for Cost: $613,374
Company: Lakeland Financial Corp (LKFN):
Lakeland Financial Corporation, an Indiana-based company founded in 1983, is a bank holding company headquartered in Warsaw, Indiana. It provides a comprehensive range of financial products and services to Northern and Central Indiana through its wholly owned subsidiary, Lake City Bank, as well as Lakeland Financial. The company offers commercial and consumer banking, along with trust and wealth management, brokerage, and treasury management services. Its diverse customer base includes commercial clients across various industries, including commercial real estate, manufacturing, agriculture, construction, retail, wholesale, finance and insurance, accommodation and food services, and healthcare.
M. Scott Welch has served as a director of Lakeland Financial Corporation and Lake City Bank since 1998. He is the founder and CEO of Welch Packaging Group, Inc., established in 1985. Since 2015, he has also been a director of Patrick Industries, Inc., and a trustee of DePauw University since 2005.
Opinion: No liquidity in community banks.
Name: Ganesh Moorthy
Position: Director
Transaction Date: 03-07-2025 Shares Bought: 1,000 shares an Average Price Paid of $54.67 for Cost: $54,670
Name: Scott McDougald Sutton
Position: Director
Transaction Date: 03-07-2025 Shares Bought: 7,450 shares an Average Price Paid of $54.65 for Cost: $407,119
Name: Mark Christopher Murray
Position: SVP – Acetyls
Transaction Date: 03-07-2025 Shares Bought: 2,353 shares an Average Price Paid of $54.45 for Cost: $128,110
Name: Deborah J. Kissire
Position: Director
Transaction Date: 03-07-2025 Shares Bought: 1,000 shares an Average Price Paid of $54.28 for Cost: $54,280
Company: Celanese Corp (CE):
Celanese Corporation is a global chemical and specialized materials company. It is a leading producer of high-performance engineered polymers used in a wide range of high-value applications, as well as one of the world’s top manufacturers of acetyl compounds, which serve as essential intermediates across nearly every major industry. As an innovator in chemical solutions, the company designs and produces a diverse range of products. Its extensive portfolio supports numerous end-use applications, including automotive, chemical additives, construction, consumer and industrial adhesives, medical, consumer electronics, energy storage, filtration, paints and coatings, paper and packaging, industrial applications, and textiles. Strong market positions are maintained through various strategic business models.
Ganesh Moorthy was elected to the Celanese Corporation Board of Directors, effective December 1, 2023. He currently serves as the President, CEO, and a member of the Board of Directors at Microchip Technology Incorporated. Previously, he held various executive roles in the technology sector, including positions at Intel Corporation and Hewlett-Packard. He holds a Bachelor of Science in Electrical Engineering and a Master of Business Administration.
Scott McDougald Sutton, with nearly 35 years of experience in the chemical industry, was elected to the Celanese Corporation Board of Directors, effective March 1, 2025. He previously served as President and CEO of Prince International Corporation and as Chief Operating Officer of Celanese from 2017 to 2019. In his role as COO, he led Celanese’s global Engineered Materials and Acetyl Chain businesses, as well as its production, supply chain, procurement, M&A, and R&D operations across all regions. He holds a Bachelor of Science in Engineering from Louisiana State University.
Mark Murray was appointed Senior Vice President of Acetyls in February 2023, after serving as interim Vice President of Acetyls since November 2022 and Vice President of Business Strategy and Development since rejoining Celanese in June 2022. He leads Celanese’s global Acetyls business, which operates production facilities in China, Southeast Asia, Europe, and the United States. Before rejoining Celanese, he was Executive Vice President of Biomaterials and Advanced Technologies at Avantor, a global materials manufacturer and distributor. He holds an MBA from Northwestern University and a Bachelor of Chemical Engineering from the University of Texas at Austin.
Deborah J. Kissire joined Celanese Corporation’s Board of Directors in October 2020. She retired in 2015 as Vice Chair and Regional Managing Partner at Ernst & Young LLP, concluding a 36-year career in various high-level leadership roles. She currently serves on the boards of Cable One, Inc., a leading U.S. cable and internet service provider; Omnicom Group Inc., a global marketing and corporate communications holding company; and Axalta Coating Systems Ltd., a manufacturer of liquid and powder coatings. Ms. Kissire earned her undergraduate degree from Texas State University.
Opinion: It’s been a horrible run for Celanese. The stock plummeted 21% after 4th quarter earnings and 1st quarter guide. Then on March 5th it got booted from the S&P 500. Insiders are buying this fallen giant. Investing in a heavily cyclical business in front of a looming trade war seems like a risky proposition.
Name: Shawn M. Lyon
Position: Senior VP, Log. & Storage
Transaction Date: 03-07-2025 Shares Bought: 4,000 shares an Average Price Paid of $52.75 for Cost: $211,000
Company: MPLX LP (MPLX):
MPLX LP is a diversified master limited partnership (MLP) founded by Marathon Petroleum Corporation (MPC) in 2012. The company owns and operates midstream energy infrastructure and logistics assets while also providing fuel distribution services. MPLX’s extensive asset portfolio includes crude oil and refined product pipelines, an inland marine business, refinery storage tanks, crude oil and natural gas gathering systems, and natural gas and NGL processing and fractionation facilities. These assets are strategically positioned across the United States. The company operates in two main segments: Crude Oil and Products Logistics and Natural Gas and NGL Services, both of which play a crucial role in energy transportation and processing.
Shawn M. Lyon has served as Senior Vice President of Logistics & Storage at MPLX LP since 2022. He began his career with Marathon Petroleum Company in 1989 as an engineer in Indianapolis, Indiana, where he developed expertise in midstream operations. In 2002, he relocated to Findlay, Ohio, and has since held multiple leadership positions, including Product Quality Manager, Operations Manager for Marathon Pipe Line LLC, and Vice President of Operations for MPL starting in 2011. In 2018, he was named Vice President of Operations at MPLX GP LLC and President of MPL. Mr. Lyon earned a Bachelor of Science in Construction Engineering from Purdue University in 1989 and became a Certified Professional Engineer in 1994.
Opinion: The wind is at the back for MPLX. The stock has performed well, near an all-time high and likely headed higher. Insiders are usually buying on pullbacks but when they buy at the top it signals that business is good and maybe even better than what the street thinks.
Name: Thomas L. Monahan
Position: Chief Executive Officer
Transaction Date: 03-06-2025 Shares Bought: 5,000 shares an Average Price Paid of $45.55 for Cost: $227,750
Company: Heidrick & Struggles International Inc (HSII):
Heidrick & Struggles International, Inc. specializes in executive search, consulting, and on-demand recruiting services for organizations and leaders worldwide. The company assists clients in building strong leadership teams by facilitating the recruitment, management, and development of senior executives. Its on-demand services provide access to independent talent, including professionals with industry and functional expertise for interim leadership roles and critical project-based initiatives. Additionally, its consulting services encompass leadership assessment and development, team and organizational acceleration, digital transformation, diversity and inclusion advisory, and culture shaping.
Thomas L. Monahan III was appointed Chief Executive Officer of Heidrick & Struggles International Inc., effective March 4, 2024. Previously, he served as President and CEO of DeVry University and as Chairman and CEO of CEB, formerly the Corporate Executive Board. He holds an MBA from New York University’s Stern School of Business and a bachelor’s degree (magna cum laude) from Harvard University.
Opinion: Laid off executives might just be a new growth market.
Name: Carol Anthony Davidson
Position: Director
Transaction Date: 03-05-2025 Shares Bought: 6,000 shares an Average Price Paid of $37.33 for Cost: $223,987
Name: Pierre R. Brondeau
Position: Chairman and CEO
Transaction Date: 03-04-2025 Shares Bought: 54,000 shares an Average Price Paid of $35.90 for Cost: $1,938,449
Name: Ronaldo Pereira
Position: President, FMC
Transaction Date: 03-04-2025 Shares Bought: 5,600 shares an Average Price Paid of $35.77 for Cost: $200,340
Company: FMC Corp (FMC):
FMC Corporation is a global agricultural sciences company focused on delivering innovative solutions that enhance land productivity and resilience for farmers. With an industry-leading development pipeline, advanced biologicals, and precision technologies, FMC leverages science to address agriculture’s most critical challenges. Its cutting-edge crop protection technologies help growers produce food, feed, fiber, and fuel for a growing global population while adapting to an evolving climate. FMC remains committed to discovering new insecticide, herbicide, and fungicide active ingredients, developing innovative product formulations, and advancing technologies that drive sustainability and environmental stewardship.
Carol Anthony Davidson has served as a director of FMC Corporation since July 13, 2020. From 2004 to 2012, he was Senior Vice President, Controller, and Chief Accounting Officer at Tyco International. Previously, he held senior global finance roles at Dell Computer Corporation and Eastman Kodak Company. He began his career at Arthur Andersen & Co. A Certified Public Accountant, he brings over 35 years of leadership experience across multiple industries.
Mr. Brondeau became Chief Executive Officer in June 2024 and has served as Chairman of the Board since October 2010. Previously, he was CEO of FMC from January 2010 to May 2020, President from January 2010 to May 2018, and Executive Chairman from June 2020 to April 2021. From 1989 to May 2008, he held various executive roles at Rohm and Haas in Europe and the United States, overseeing global marketing, sales, research and development, engineering, technology, and operations. He joined FMC as President and CEO in January 2010. Mr. Brondeau holds a Ph.D. in biochemical engineering.
Ronaldo Pereira was appointed President in June 2024. With nearly 28 years at FMC, he has held key roles in marketing, business development, and commercial leadership, most recenly serving as Executive Vice President and President of the Americas region. He began his career at FMC as a field agronomist in 1995, advancing through sales, product management, and business development in Latin America before relocating to the United States in 2008 as Global Director of Strategic Marketing. Previously, he served as President of FMC Americas, overseeing the Specialty Solutions and Plant Health businesses. Mr. Pereira holds a degree from Universidade Estadual de Londrina.
Opinion: FMC was the best performing of the insider purchases last week but it hasn’t been a pretty chart this year. Getting booted off the S&P 500 with fellow member, Celanese, adds insult to injury. Trade and tariff anxiety is likely to impact farmers more directly than most as memories of the last trade war with China probably loom large.
Goldman Sachs analyst Duffy Fischer initiated coverage of FMC with a Buy rating and $51 price target, implying 28% upside. At current valuation levels, the firm sees “significant upside” if the company’s announced off-patent strategy for diamides goes as planned. The analyst also believes the Street is underestimating FMC’s future growth from new product launches in 2026 and 2027, evident in current consensus estimates sitting below the company’s 2027 guidance targets.
Name: Kristen L. Soler
Position: EVP, Chief HR Officer
Transaction Date: 03-04-2025 Shares Bought: 1,000 shares an Average Price Paid of $35.33 for Cost: $35,330
Name: Eugene I. Lee Jr.
Position: Director
Transaction Date: 03-06-2025 Shares Bought: 14,640 shares an Average Price Paid of $34.15 for Cost: $499,956
Company: Advance Auto Parts Inc (AAP):
Advance Auto Parts, Inc. is a leading automotive aftermarket parts retailer in North America, serving professional installers, do-it-yourself customers, and independently owned operators. Its stores offer a wide selection of brand-name, original equipment manufacturer (OEM), and private-label replacement parts, accessories, batteries, and maintenance supplies for domestic and imported cars, vans, SUVs, and light- and heavy-duty trucks. Originally founded as Advance Stores Company, Incorporated in 1929, the business operated as a general merchandise retailer until the 1980s, when it shifted its focus to automotive parts and accessories for do-it-yourself customers.
Kristen Soler joined Advance Auto Parts in July 2017 and has served as Executive Vice President of Human Resources since May 2023, overseeing enterprise diversity, equity, and inclusion. Previously, she held roles as Senior Vice President of Human Resources for field and commercial teams, as well as Senior Vice President of Human Resources for supply chain and corporate functions. She serves on the boards of the Triangle American Heart Association and The Arc and is actively involved in nonprofit organizations, including the Tim Tebow Foundation and Compassion. She holds a bachelor’s degree from Rensselaer Polytechnic Institute.
Mr. Lee joined the Board in November 2015 and currently serves as Chair. Previously, he was President and Interim Chief Executive Officer of Darden from October 2014 to February 2015 and served as President and Chief Operating Officer from September 2013 to October 2014. From October 2007 to September 2013, he was President of Darden’s Specialty Restaurant Group, following Darden’s acquisition of RARE Hospitality International, Inc., where he had served as President and a member of the Board of Directors since 2001. He holds an MBA from Suffolk University in Boston.
Opinion: Advanced Auto suffered multiple downgrades when the Company reported Q4 earnings and FY25 guidance. When people hold onto their cars longer, parts companies are obvious beneficiaries. This may be good timing for these insiders buying low.
Name: Bradley Lee Soultz
Position: Chief Executive Officer
Transaction Date: 03-10-2025 Shares Bought: 10,000 shares an Average Price Paid of $28.74 for Cost: $287,400
Company: WillScot Holdings Corp (WSC):
WillScot Holdings Corporation provides comprehensive temporary space solutions across the United States, Canada, and Mexico. The company leases, sells, distributes, and installs modular space solutions and portable storage units. Its modular space offerings include office complexes, mobile offices, schools, blast-resistant modules, clearspan buildings, and sanitation systems, while its portable storage solutions feature containers and temperature-controlled trailers. Additionally, the company offers workstations, furniture, appliances, organizational assets, perimeter solutions, and other related products. Headquartered in Phoenix, Arizona, WillScot Holdings Corporation serves a diverse range of industries with adaptable space solutions.
Mr. Soultz serves as the CEO of WillScot, having previously held the role of President and CEO before the company’s merger with Mobile Mini. Before assuming leadership at WillScot in November 2017, he was President and CEO of Williams Scotsman International Inc. (WSII) since January 2014, overseeing the strategic and operational functions of the North American business and playing a key role in preparing the company for its reemergence as a public entity. Prior to WSII, he served as Chief Commercial and Strategy Officer at Novelis Inc. and held various leadership positions in Europe and North America at Novelis and Cummins Inc. He holds a Bachelor of Science in Engineering from Purdue University.
Opinion: I don’t see anything exciting about Willscot Holdings and certainly not the dividend yield of less than 1%
Name: Fahmi Karam
Position: EVP, Chief Financial Officer
Transaction Date: 03-10-2025 Shares Bought: 11,500 shares an Average Price Paid of $25.82 for Cost: $296,930
Company: Upbound Group Inc. (UPBD):
Upbound Group Inc. is a technology- and data-driven leader in accessible and inclusive financial solutions, addressing the evolving needs of underserved individuals. Through its Acima and Rent-A-Center businesses, the company operates in the United States, Puerto Rico, and Mexico, establishing itself as a major provider of lease-to-own services. Upbound Group enables access to high-quality, name-brand durable goods through flexible lease-purchase agreements that do not require long-term debt. The Acima segment offers lease-to-own solutions both in-store and online, helping businesses expand their customer base. This differentiated model provides customers with flexible lease-to-own options across hundreds of retail locations.
Mr. Karam was appointed Executive Vice President and Chief Financial Officer on October 31, 2022. With over 20 years of experience in finance and accounting, he previously served as Chief Financial Officer of Santander Consumer USA since September 2019. Prior to that, he spent 12 years at JP Morgan Investment Bank, where he advanced to the role of Executive Director. Earlier in his career, he was a Senior Associate at Deloitte Audit Assurance Services for two years. He holds both a bachelor’s and master’s degree in accounting from Baylor University and is a Certified Public Accountant.
Opinion: Lease to own companies cater to the most vulnerable participants. If the economy rolls over, this will not be a safe place to hide.
Name: Christopher S. Cook
Position: President, Products Division
Transaction Date: 03-07-2025 Shares Bought: 4,100 shares an Average Price Paid of $25.30 for Cost: $103,710
Name: Bill Bentinck
Position: President, Services Business
Transaction Date: 03-07-2025 Shares Bought: 3,000 shares an Average Price Paid of $25.17 for Cost: $75,510
Name: Ernest E. Maddock
Position: Director
Transaction Date: Shares Bought: 10,000 shares an Average Price Paid of $24.29 for Cost: $242,900
Name: Brian E. Harding
Position: Chief Accounting Officer
Transaction Date: 03-07-2025 Shares Bought: 4,000 shares an Average Price Paid of $24.00 for Cost: $96,000
Company: Ultra Clean Holdings Inc. (UCTT):
Ultra Clean Holdings, Inc. is a leading provider of critical subsystems, components, and ultra-high purity cleaning and analytical services, with a primary focus on the semiconductor industry. The company delivers comprehensive outsourced solutions that enhance design-to-delivery processes, improve manufacturability, and ensure effective microcontamination control. Ultra Clean operates through two main business segments: Products and Services. The Products segment specializes in the design, engineering, and manufacturing of essential production tools and components, including chemical delivery modules, gas and fluid delivery systems, precision robotics, and process modules for semiconductor and display capital equipment.
Chris Cook was appointed President of UCT’s Products Division in April 2022. With 25 years of leadership and general management experience in the semiconductor and electronic systems industries, he has held key roles at Renesas Technologies and Cypress Semiconductor. Throughout his career, he has driven profitable growth by developing innovative technologies and products, managing global operations, and solving complex challenges while earning long-term customer trust. He holds a bachelor’s degree in electrical engineering and technology from Purdue University and has completed the Program for Leadership Development at Harvard Business School.
Bill Bentinck joined UCT in April 2019 as President of the Services Division. With extensive experience in the semiconductor industry, he has specialized in product and service development, as well as managing relationships with Integrated Device Manufacturer customers. Before joining UCT, he held senior and executive positions at equipment manufacturing companies, including Lam Research, Novellus Systems, AIXTRON, and Eugenus. He holds an M.S. in Engineering with a concentration in Material Science from California State Polytechnic University, Pomona.
Ernest E. Maddock has served as a director on the UCT Board since June 2018. He retired from Micron Technology in 2018, where he held the position of Senior Vice President and Chief Financial Officer. Before joining Micron, he held executive roles at several global companies, including Riverbed Technology, where he served as Executive Vice President and Chief Financial Officer while also overseeing global operations and IT. He holds a B.S. in Industrial Management from the Georgia Institute of Technology and an M.B.A. from Georgia State University.
Brian E. Harding has served as Chief Accounting Officer of Ultra Clean Holdings Inc. since June 24, 2022. Before joining the company, he was Vice President and Corporate Controller at The Greenbrier Companies from March 2020 to June 2022. Previously, he held roles as Principal Accounting Officer, Vice President, and Controller at Teledyne FLIR LLC from 2016 to 2020. He holds a Bachelor of Arts in Accounting and Finance from Pacific University and has completed an Executive Leadership and Innovation Program at Babson F.W. Olin Graduate School of Business.
Opinion: Logic would tell you that if we are to transition to domestic production of semiconductors, there will be a lot of winners in this space. There are few insiders buying in the semiconductor stocks. UCTT insiders haven’t been very good timers either as last time they purchased was in November last year around $35 per share.
Name: David D. Smith
Position: Executive Chairman, 10% Owner
Transaction Date: 03-10-2025 Shares Bought: 107,027.00 shares an Average Price Paid of $14 for Cost: $1,493,236
Company: Sinclair Inc (SBGI):
Sinclair, Inc., a Maryland corporation established in 2022, is the parent company of Sinclair Broadcast Group, LLC. Sinclair Broadcast Group, originally founded in 1986, was converted into a Maryland limited liability company in 2023, leading to the formation of this entity. Sinclair is a diversified media company with a nationwide presence, delivering high-quality content through local television stations, digital platforms, and, prior to deconsolidation, regional sports networks. The company operates digital media businesses that complement its extensive portfolio of television station-related digital assets. Additionally, Sinclair invests in, owns, manages, and operates businesses in technical and software services, broadcast technology research and development, and various media and non-media industries.
David D. Smith has served as Executive Chairman since January 2017 and has been Chairman of the Board since September 1990. Previously, he was President and CEO from 1988 to January 2017. He founded Comark Communications, Inc., a manufacturer of high-power transmitters for UHF television stations, and served as an officer and director until 1986. Smith is also a board member of MileOne Autogroup, Inc. and Keyser Investment Group, Inc., and a partner in Gerstell Development, LP. He holds a Bachelor of Science in Electrical Engineering from the University of Maryland.
Opinion: This is the first buy we’ve seen by Sinclair owners in at least five years. No doubt a Republican sweep has aroused animal spirits in this core constituency. Traditional media has been under siege for years by the proliferation of streaming, YouTube, Instagram, and many others but local radio and news have a unique franchise. I’m skeptical though that a right ward shift in polls will help a structurally challenged industry. If the Republican polices tank the economy, it helps no one, including media conglomerate, Sinclair.
Name: Ellen F. Siminoff
Position: Director
Transaction Date: 03-06-2025 Shares Bought: 177,158 shares an Average Price Paid of $6.64 for Cost: $1,176,382
Company: BigCommerce Holdings Inc. (BIGC):
BigCommerce Holdings Inc. delivers professional-grade commerce solutions that empower organizations with the agility to compete in the present while preparing for the future. Its three brands—BigCommerce, Feedonomics, and Makeswift—collaborate to provide flexible commerce capabilities, seamlessly integrated data, and compelling digital experiences that drive growth. BigCommerce serves as the flagship commerce platform and services provider, enabling businesses to integrate tailored solutions while ensuring a seamless front- and back-end experience. With an industry-leading team of professionals, the company offers the speed and adaptability required for businesses to scale on their terms.
Ellen F. Siminoff joined the board of directors of BigCommerce Holdings Inc. in March 2020. Previously, she served as the president and CEO of Efficient Frontier, a company specializing in dynamic search engine marketing management services, which was later acquired by Adobe. She holds an MBA from Stanford University and a BA in economics from Princeton University.
Opinion: Siminoff is an accomplished executive but I don’t see the appeal of this stock. I tend to agree with Post on the Fly Barclays analyst Raimo Lenschow downgraded BigCommerce to Underweight from Equal Weight with a price target of $7, down from $8. The analyst thinks the company will continue to see “stagnant” growth in the near term as it faces the challenge of improving execution against ongoing industry pressure and competition. BigCommerce has made a number of changes over the last few months to “course correct,” and the changes “will take time to come to fruition,” the analyst tells investors in a research note.
Name: Jordan Neeser
Position: Chief Financial Officer
Transaction Date: 03-06-2025 Shares Bought: 10,000 shares an Average Price Paid of $5.88 for Cost: $58,775
Transaction Date: 03-05-2025 Shares Bought: 20,000 shares an Average Price Paid of $5.86 for Cost: $117,100
Name: Graham Richard Thomas Boyd
Position: Senior VP, Exploration
Transaction Date: 03-06-2025 Shares Bought: 5,000 shares an Average Price Paid of $5.83 for Cost: $29,150
Name: Joseph Taylor Melvin
Position: President and CEO
Transaction Date: 03-07-2025 Shares Bought: 50,000 shares an Average Price Paid of $5.76 for Cost: $288,000
Company: Ivanhoe Electric Inc. (IE):
Ivanhoe Electric Inc. is a U.S.-based mineral exploration company focused on developing mines from domestic mineral deposits. With an emphasis on copper, the company aims to strengthen American supply chain independence by identifying and supplying critical metals essential for economic electrification. Ivanhoe Electric believes the U.S. remains largely underexplored, presenting significant opportunities for major discoveries. Committed to sustainability, the company integrates Environmental, Social, and Governance (ESG) principles into its exploration and development processes. Leveraging a strong ESG track record, Ivanhoe Electric continues to implement best practices to establish itself as a leader in the mining industry.
Mr. Neeser has served as Chief Financial Officer since November 2022. With 18 years of experience in financial reporting, corporate development, and corporate finance, primarily in the mining industry, he brings extensive expertise to the role. Before joining the company, he was CFO and Corporate Secretary for TSX-listed Gold Standard Ventures, which was acquired by Orla Mining in August 2022. Mr. Neeser began his career at KPMG, is a Chartered Public Accountant, and holds a Bachelor of Commerce degree from the University of British Columbia in Vancouver, Canada.
Graham Richard Thomas Boyd serves as Senior Vice President of Exploration for Ivanhoe Electric Inc. He has been with the Ivanhoe group of companies since 2006, starting with Ivanhoe Mines Mongolia. Mr. Boyd was part of the discovery team for the Merlin molybdenum-rhenium deposit at Ivanhoe Australia and contributed to the development of the Mount Dore and Mount Elliott-SWAN copper-gold discoveries. Before joining the Ivanhoe Group, he worked on copper porphyry projects in British Columbia and diamond exploration in Nunavut and Quebec. Mr. Boyd holds an undergraduate degree from the University of Victoria.
Taylor Melvin has been President, CEO, and Director of Ivanhoe Electric Inc. since November 2022. With over 20 years of experience in the natural resources sector, he has held senior roles in corporate development and investment banking. Prior to joining Ivanhoe Electric, Mr. Melvin was Vice President of Corporate Development for Freeport-McMoRan Inc., a major global copper mining company based in Arizona. Before that, he served as an Executive Director in J.P. Morgan’s Natural Resources investment banking division in New York. He holds a Bachelor of Science in Business Administration and an MBA from the University of North Carolina at Chapel Hill.
Opinion: This seems like a grift. No revenues to speak of, it’s more of an angel investment. It will be years and millions of dollars later before anything develops here. Avoid
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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 with any stock market experience 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 of 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, we analyze unusual patterns with selling, 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 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 as soon as practically possible. 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. When I have time, over the weekend, I’ll add some preliminary analysis to the Opinion at the end. Sometimes I won’t update this for a couple of weeks or more. A good way to use this blog is as I do, it’s a reference point and filing cabinet for various stocks with notable insider buying. It’s one of many tools I use. I regularly live on Chat GPT and Microsoft Copilot now. I find the footnotes research very helpful in eliminating errors from AI hallucinations.
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.
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Prosperous Trading,
