Gemini

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Kevin

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<p class="has-drop-cap">In Thursday’s note to investors, JPMorgan strategists identified suppressed <a href="https://tokenist.com/investing/short-selling/" rel="noopener noreferrer nofollow" class="deco-link">short selling</a> and short covering as one of the main drivers of a “steady flow of support” for stock performance.&nbsp;</p>
<p>Short interest is now at its lowest level in six years across S&amp;P 500 ETF Trust (SPY) and Invesco QQQ Trust Series 1 (QQQ), the biggest equity ETFs that track the S&amp;P 500 and Nasdaq-100, respectively.</p>
<p>JPMorgan strategists identified <a href="https://tokenist.com/retail-traders-are-bullish-on-us-stocks-economy-schwab-survey/" rel="noopener noreferrer nofollow" class="deco-link">greater retail activity</a>, greater regulatory scrutiny and the rising difficulty in maintaining short position against the buoyed market as the main suppressors of short sellers.&nbsp;</p>
<p>In turn, insider buying becomes more indicative of the stocks’ potential rally. Case in point, Metrick and Zeckhauser found in a 2003 study that insider purchases act as market outliers, outperforming the market by 11.2% annually. After all, fund managers, executives, and high stakeholders signal higher confidence in companies’ futures as they buy the shares under the belief they are undervalued.</p>
<p>These three stocks have shown such insider activity in recent weeks.</p>
<h3 id="priority-technology-holdings-nasdaq-prth">Priority Technology Holdings (NASDAQ: PRTH)</h3>
<p>Priority Technology Holdings is a fintech company that facilitates payment processing and point-of-sale systems for mainly small and medium-sized enterprises (SMEs). Additionally, Priority Technology offers data analytics, e-commerce payment solutions, and inventory management tools to brick-and-mortar retailers of all sizes.&nbsp;</p>
<p>On June 14th, John Priore, as a Director at the company, bought 598,187 common stock PRTH shares, worth around $2.13 million, at an average price of $3.56 per share. In <a href="https://prioritycommerce.com/wp-content/uploads/2024/05/0001653558-24-000069.pdf" target="_blank" aria-label=" (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">Q1 earnings</a>, the company reported $5.2 million net income vs $0.5 million net loss in the year-ago quarter. This performance, minus dividends paid to redeemable senior preferred stockholders, beat the estimated <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">earnings per share</a> (EPS) of -$0.12 vs reported -$0.1.&nbsp;</p>
<p>At the present price of $4.79, PRTH stock is nearly double its 52-week low of $2.62 and close to its 52-week ceiling of $5.07 per share. According to Nasdaq forecasting, PRTH average price target is $5.75 with the upper ceiling of $7. Interestingly, the bottom forecast is not too far from the current price, at $4.5 per share.&nbsp;</p>
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<h3 id="disc-medicine-inc-nasdaq-iron">Disc Medicine, Inc. (NASDAQ: IRON)</h3>
<p>Previously known as Gemini Therapeutics following a merger, Disc Medicine is a clinical-stage biotech firm primarily focused on treating hematological (blood) disorders. This makes it a high-risk, high-reward stock typical of the <a href="https://tokenist.com/these-3-clinical-stage-biotech-stocks-can-offer-exponential-gains/" rel="noopener noreferrer nofollow" class="deco-link">biotech sector</a>.&nbsp;</p>
<p>Disc Medicine has three main projects in its pipeline. Bitopertin to treat Diamond-Blackfan anemia (DBA) as a congenital disorder with a 40-year life expectancy of 75% afflicted. After the positive AURORA study and European Hematology Association (EHA) updates, Bitopertin is looking as a prospective drug heading into Phase 3 trials.</p>
<p>The biotech firm’s other two candidates are DISC-00974 for anemia of Myelofibrosis (MF) and DISC-3405 for polycythemia vera and iron overload disorders. Both drug hopefuls are still in early Phase 1 trials.&nbsp;</p>
<p>Co-founder and board member of Disc Medicine, Kevin Bitterman, while also serving on the boards of Akero Therapeutics (NASDAQ: AKRO) and Kinaset Therapeutics, purchased ~$8 million worth of IRON shares on June 17th. Likewise, Orbimed Advisors LLC and Ashiya Mona (Orbimed Advisors board member) purchased $3 million worth of IRON shares each.&nbsp;</p>
<p>All three instances of insider buys were at $36 per share. At the present price of $41.25, IRON stock is still far from its 52-week high of $77.60. The current Nasdaq forecasting consensus is $62.11 as the average price target, with an upper ceiling of $85 per share. This makes Disc Medicine one of top potential gainers.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<h3 id="citi-trends-inc-nasdaq-ctrn">Citi Trends, Inc. (NASDAQ: CTRN)</h3>
<p>Largely serving urban black and Latino communities, as 84% of the customer base, Citi Trends offers value-priced fashion apparel. Typically located in local communities adjacent to grocery and other value stores, Citi Trends buys upfront from manufacturers according to its designs.</p>
<p>In May and early June, Pleasant Lake Partners and Fund 1 Investments insiders bought CTRN shares worth $2.67 million, with purchase prices ranging from $22.4271 to $25.55 per share.</p>
<p>The company reported 3.7% year-over-year sales growth in <a aria-label="Q1 earnings (opens in a new tab)" href="https://ir.cititrends.com/news-releases/news-release-details/citi-trends-announces-first-quarter-fiscal-2024-results" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">Q1 earnings</a> to $186.3 million. However, given the value-oriented pricing, Citi Trends came out with an operating $5.6 million loss (adjusted), although lower than the $7.9 million in the year-ago quarter. On the upside, the company holds zero debt and ended the quarter with $58.2 million in cash.&nbsp;</p>
<p>At the present price of $21.67, CTRN stock is significantly under its 52-week ceiling of $32.90 per share. Nasdaq’s forecasting puts the average CTRN stock price at $31, while even the low ballpark of $25 is above the current price level.</p>
<p><strong><em>What are your favorite stock-buying signals? Let us know in the comments below.</em></strong></p>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/these-three-stocks-are-seeing-heavy-insider-activity/">These Three Stocks Are Seeing Heavy Insider Activity</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

These Three Stocks Are Seeing Heavy Insider Activity

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