Bird Global (NYSE:BRDS) stock is on the move Friday as investors react to news of leadership buying the company’s shares.
According to a press release, leaders of Bird Global are buying more than 1.5 million shares of BRDS stock on the open market. These leaders include CEO Shane Torchiana and chairman and founder Travis VanderZanden.
Torchiana said the following in a news release about Bird Global leaders buying BRDS stock:
“Senior leadership has continued to purchase shares due to the disconnect between share price and our expectation to increase long-term value by generating free cash flow […] Coming off of our best ever Q1 performance in gross margin, free cash flow, and adjusted EBITDA, we are optimistic about our ability to reach profitability as the weather improves from the winter months.”
BRDS Stockholders React
While leaders buying shares of a company’s stock would normally boost morale, that isn’t happening today. Instead, BRDS stock is continuing to lose ground with light trading on Friday.
As of this writing, roughly 1 million shares have changed hands. That’s a far way off from the company’s daily average trading volume of about 18.2 million shares.
One thing that could be keeping BRDS stock down today is a reverse stock split. That reverse split when into effect after markets closed on Thursday.
BRDS stock is down slightly as of Friday morning.
Investors looking for more of the latest stock market news are in the right place!
InvestorPlace is home to all of the most recent stock market news traders need to know about on Friday! A few examples include what’s happening with shares of Bloom Energy (NYSE:BE), Lucy Scientific Discovery (NASDAQ:LSDI) and Nio (NYSE:NIO) stock today. All of this news is ready to go at the following links!
More Friday Stock Market News
- BE Stock Price Prediction: Can Bloom Energy Rally More Than 45% From Here?
- LSDI Stock Alert: Lucy Scientific Soars on Product Launch Update
- NIO Stock Alert: Nio Announces New EV Partnership
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
On the date of publication, William White 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.