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Big Insider Purchase by Sphere CEO and $27 Million in MSFT Calls Traded in Congress

Author

Rachel Kloepfer
March 11, 2024

This week, several big trades were made by corporate insiders and Congress members. The CEO of Sphere Entertainment (SPHR), known for the new Las Vegas Sphere, bought millions of dollars of stock in his own company. Meanwhile, Rep. Josh Gottheimer and Rep. Virginia Foxx also both filed over a dozen new trades.

Here’s a snapshot of what we saw in some of our datasets last week:

INSIDER TRADING HIGHLIGHTS

Insights from our Insider Trading Dashboard.

Corporate insiders are required to disclose purchases or sales of their own stock within two business days of when they occur. Using these disclosures, we collect data on insider trading activity, which can give hints on whether executives are bullish or bearish on their own company.

We noted in 2022 that Carvana (CVNA) looked like they were potentially going to go bankrupt - except for the fact that insiders had bought up $663 million in shares. Since, CVNA has risen 1,800%. 

This last week, the CEO of Sphere Entertainment (SPHR), James L. Dolan bought approximately $10M of stock in his own company. SPHR is the company associated with the Las Vegas Sphere. 

We’ve also noted:

  • Lionsgate (LGF.B) CEO recently purchased over 100,000 shares of the company.

  • Charles Schwab’s (SCHW) Chief Risk Officer dumped just under 30,000 shares of the company.

  • Dell Technologies’ (DELL) CEO recently filed 7 massive share dumps totaling over 2 million shares sold.

Check out the dashboard for a full breakdown of what corporate insiders are trading. 

LAST WEEK’S CONGRESSIONAL TRADES 

Insights from our Congress Trading Dashboard

  • Senator Thomas Carper filed 5 security purchases including Target (TGT). He also filed a sale of Equinor ASA (EQNR). Carper sits on the Committee on Finance. 

  • Representative Lloyd Doggett filed a purchase of Proctor and Gamble (PG). Doggett sits on the Committee on Budget. 

  • Senator Christopher Coons filed 2 sales of W.L. Gore & Associates non-public stock. Coons sits on the Committee on Small Business and Entrepreneurship.

  • Representative Pete Sessions filed a purchase of Visa (V). Sessions has a trade volume of almost $11 million. 

  • Representative Josh Gottenheimer filed sales of 28 securities including several separate sales of Microsoft (MSFT) and Palo Alto Networks (PANW). He also filed 13 security purchases - including $27M in Microsoft (MSFT) call options as well as Advanced Micro Devices (AMD). Gottenheimer is one of Congress’ most successful and active traders. 

  • Representative Virginia Foxx filed 15 security purchases including Ardmore Shipping (ASC) and Flex LNG (FLNG). She also filed a sale of Duke Energy Corporation (DUK). She’s the first member of Congress to trade ASC. 

  • Representative Michael Burgess filed 5 security sales including Best Buy (BBY) and a purchase of Illumina (ILMN). Burgess sits on the Committee on Energy and Commerce. 

To see more details about their trades, and how they’ve performed since, check out our Congress Trading Dashboard. 

QUIVER STRATEGIES

Insights from Quiver Strategies.

In the last 30 days, out of all of Quiver’s strategies, the Dan Meuser strategy has shown the strongest performance.

The strategy tracks Representative Dan Meuser and his family’s trades, and it’s up 16.5% in just the last month. 

You can see more details on the strategy holdings and performance, and try out features like this for yourself with Quiver Premium. 

BITCOIN HITS RECORD HIGH: ETF SURGE & HALVING DRIVE UNPRECEDENTED RALLY

Insights from the Quiver News Feed

Bitcoin's (GBTC) meteoric rise to a new record high of $69,191.95 underscores a stunning rebound in 2024, marking a significant turnaround from the previous years' challenges. This surge, amounting to a 62% climb year-to-date, not only eclipses the performance of global stocks but also injects a wave of optimism across the cryptocurrency landscape. A pivotal factor in Bitcoin's resurgence is the unexpected ally it found in the US Securities and Exchange Commission (SEC).

Despite its historical resistance to the crypto sector, the SEC's approval of spot-Bitcoin exchange-traded funds (ETFs) in early January, following a legal setback in its efforts to deny them, has broadened Bitcoin's appeal to the mass market. This development played a crucial role in reviving the crypto sector from the aftermath of 2022's bear market and a series of high-profile bankruptcies, including the collapse of FTX exchange.

Continued on our News Feed.