By David Kirakosyan
Investing.com — Here’s your professional weekly recap of some of the biggest insider trading headlines you might have missed on InvestingPro. Start your free 7-day trial to get this news first.
Director B. Riley earns over $6 million in stock short report
Following a report on short sellers, the CEO of B. Riley Financial (NASDAQ: RILY) bought about 136,000 shares, or $5.46 million, at $40.18 and $20,000 respectively. other shares, or $775,000, at $38.75.
Shares of B. Riley Financial fell more than 10% on Wednesday after Wolfpack Research revealed a short position. The research firm alleges it used leverage to buy toxic assets during a financial mania. Wolfpack stated, “Its cash and investments, minus debt, fell $950 million to -350 million in 2022, and they don’t expect an improvement in 2023.”
Wolfpack criticized B. Riley for not reducing losses on its “failed” investments and providing more capital to struggling clients, such as Core Science Inc., which filed for bankruptcy in December. Wolfpack stated that the biggest risk to B. Riley is a large portion of its loan portfolio potentially filing for bankruptcy. B. Riley Bed Bath & Beyond (NASDAQ: BBBY) clients are trying to avoid bankruptcy with a recent stock offering.
B. Riley has yet to respond to the report.
service now CEO sells $25 million in stock
Shares of ServiceNow (NYSE:NOW) fell more than 3% on Monday after CEO Bill McDermott sold 53,883 shares, or about $25 million, at $455.03-460.98.
Last month the company reported EPS was $2.28, better than the consensus of $2.02. Revenue reached expectations at 1.94 billion USD.
It was also downgraded in January by Truist Securities to Hold from Buy with a price target of $420.00 (from $525.00) as the company took a more cautious stance in the first half of the year.
Shares were up slightly for the week.
2 more big insider purchases
The CEO of Corteva (NYSE:CTVA), Charles Magro, bought 40,000 shares, or $2.4 million, at $60,637.
The company reported Q4 results at the beginning of this month, with EPS/revenue of $0.16/3.83 billion beating the consensus estimate of $0.05/$3.79 billion.
For 2023, the company expects EPS of $2.70-$2.90, worse than the consensus of $3.13. Revenue is expected at $18.1-$18.4 billion, missing the consensus estimate of $18.49 billion.
Stocks closed the week with a gain of nearly 5%.
Centene (NYSE:CNC) saw some insider purchases last week. COO, James Murray, purchased 6,750 shares, or $494,775, for $73.30, while the Director, Theodore Samuels, purchased 7,000 shares, or $503,160, for 71.88 dollars.
The company reported Q4 results last week, with EPS and revenue of $0.86 and $35.56B, respectively, beating Street estimates.
The company has released guidance for fiscal year 2023, projecting EPS of $6.25-$6.40, versus consensus of $6.37 and revenue of $131.5-$133.5B, vs. consensus level is $139.8B.
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