Shares of Helbiz (NASDAQ:HLBZ) stock are in the red today but still up by about 180% in the past five trading days. The price appreciation for the micro-mobility company seemingly comes on no company-specific news, leading investors to rationalize that HLBZ may be the next big meme stock.
Yesterday, Helbiz announced a collaboration with Universal Pictures Italia. Helbiz e-scooter riders will be eligible to enter into a contest to win tickets to “Minions 2: The Rise of Gru,” as well as a Minions gadget. However, in the words of InvestorPlace contributor Chris McDonald, “it’s hard to believe that free movie tickets could induce the kind of demand implied by today’s move.”
Meanwhile, CEO Palella Salvatore has been busy buying up shares. In fact, he is the only company insider to have purchased shares on the open market since Helbiz closed its special purpose acquisition company (SPAC) merger last August. Year-to-date, Salvatore has purchased 4.67 million shares, making him the largest shareholder. In regards to his 2.04 million share purchase during June, he added:
“Looking forward, we will continue to focus on cutting costs, streamlining processes and on the important KPIs of our business. This purchase today is a personal commitment from me on the future of the company and our continued success.”
Insider buying from a CEO tells investors that the person in charge has high conviction in their company. More importantly, it conveys a signal that the CEO believes the stock price will go up.
With Salvatore on board, let’s take a look at who else is betting big on HLBZ stock.
5 Investors Betting Big on Helbiz
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q1, 17 13F filers reported owning shares of the company, up by five filers compared to the prior quarter. This low figure can either be attributed to low interest in HLBZ or the recency of its public debut. With that in mind, let’s take a look at the company’s top shareholders:
- Palella Salvatore: 4.87 million shares.
- Credit Suisse (NYSE:CS): 940,000 shares. Credit Suisse maintained its position during Q1.
- Omni Partners: 366,445 shares. Omni’s position is accurate as of Q2 of 2021. During that quarter, it purchased 35,630 shares.
- Vanguard Group: 106,121 shares. Vanguard purchased 84,229 shares during Q1.
- Virtu Financial: 53,031 shares. Virtu purchased its entire position during Q1.
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.
