Insider buying is officially back. The number of insiders buying minus the number of insiders selling has risen to its highest level since March of 2020. Furthermore, insider buy-to-sell ratios in sectors like technology and communications have risen to their highest levels since 2012.
2022 has been the fourth worst start for the S&P 500 since 1927. However, insiders have used this opportunity to scoop up shares of their own companies.
A company insider is defined as a director, senior officer or 10% owner of a company. Investors typically care about insiders’ transactions because they have the utmost knowledge about their respective companies.
With that in mind, let’s take a look at the top insider buys of the week.
The Top Insider Buys of the Week
- SoFi (NASDAQ:SOFI). On June 1, CEO Anthony Noto purchased 21,215 shares of SoFi at an average price of $7.07 per share. After the purchase, he owns 3.34 million shares. Noto has now purchased shares of SoFi on 12 separate occasions this year. Furthermore, he has not sold a single share. Excluding the June 1 transaction, Noto last purchased shares of SoFi on May 24. On that day, he purchased 37,056 shares at an average price of $6.72 per share
- Joby Aviation (NYSE:JOBY). On May 27, CEO and Chief Architect JoeBen Bevirt purchased 55,137 shares of JOBY stock at an average price of $5.67 per share. After the purchase, the CEO now owns a total of 54.51 million shares through the Joby Trust. In addition, he owns more than 10% of all shares outstanding, proving his conviction in his company.
- The Trade Desk (NASDAQ:TTD). On May 25, Director David Wells purchased 17,500 shares of TTD at an average price of $45.81 per share. In total, the transaction amounted to about $800,000. After the purchase, Wells now owns a total of 106,570 shares.
- Best Buy (NYSE:BBY). On May 25, Chairman Emeritus and 10% owner Richard Schulze made a massive insider purchase, the largest of the week. The “emeritus” status signals that Schulze used to be chairman of Best Buy’s board and is now serving an honorary position. Schulze purchased 250,000 shares of BBY at average prices ranging from $78.58 to $80.29. In total, the transaction amounted to $19.9 million. After the purchase, Schulze owns 20.46 million shares through his revocable trust. He also owns 1.15 million shares through a spousal grantor retained annuity trust (GRAT).
- Carnival Corp (NYSE:CCL). On May 25, Director Randall Weisenburger purchased 100,000 shares of CCL at an average price of $11.75 per share. In total, the transaction amounted to $1.17 million. After the purchase, Weisenburger owns 870,950 shares.
- MGM Resorts International (NYSE:MGM). On May 25, Director Paul Salem purchased 3,500 shares of MGM at an average price of $31.25 per share. After the purchase, Salem directly owns 1.52 million shares.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
