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Bargain Hunters Take Note: Insider Cluster-Buying At CCB
By Market News Video Staff, Tuesday, December 21, 10:49 AM ET
A particularly strong insider buying signal is what we call a "cluster-buy" where three or more different insiders make open market purchases within a short period of one another. At Coastal Financial Corp (NASDAQ:CCB), 3 different insiders purchased 32,598 shares at an average price of $40.50/share, for a total of $1.32M, with the most recent purchase on December 17, 2021.
Presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. So when multiple insiders all decide to make purchases around the same time, it could be a strong indication that the stock is undervalued. Below is a table summarizing the insider buys that make up this "cluster":
Purchased
Insider
Title
Shares
Price/Share
Value
12/17/2021
Thomas D. Lane
Director
7,407
$40.50
$299,983.50
12/17/2021
Andrew P. Skotdal
Director
24,691
$40.50
$999,985.50
12/17/2021
Michael Robert Patterson
Director
500
$40.50
$20,250.00
The chart below shows the one year performance of CCB shares, versus its 200 day moving average. Note that CCB's low point in its 52 week range is $19.61 per share, with $49.57 as the 52 week high point — that compares with a last trade of $49.03, with shares currently trading up about 2.4% on the day.
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