Quiver Insights: Latest Congressional Trades, Strategies Performance and Reddit's IPO

As the S&P 500 pushes record highs, investors will soon be parsing a wave of new economic data, including the fourth-quarter GDP and the Federal Reserve’s preferred inflation gauge. There will also be earnings reports from companies such as Tesla and Netflix this week.

We’ve also continued to see many interesting developments within the alternative data we scrape and publish. Here’s a snapshot of what we saw in some of our datasets last week:

LAST WEEK’S CONGRESSIONAL TRADES 

Insights from our Congress Trading Dashboard

• Representative Sean Casten reported 8 purchases of MYNO Carbon, a private company focused on carbon capture technology. He sits on the Science, Space, & Tech committee, and has a large political focus on climate advocacy.

• Representative Angus King Jr. filed a purchase of Electronic Arts (EA) and a sale of Verizon (VZ).

• Representative Dwight Evans filed a sale of Hannon Armstrong (HASI), which is down 16.98% since. He also filed purchases of Micron Technologies (MU) and ServiceNow (NOW) - up 9.44% and 5.84% respectively. 

• Representative Mark R. Werner filed purchases of 18 different municipal securities. Werner has been a routine investor in private companies and is the chair of the Select Committee on Intelligence. 

• Representative Mark E. Green reported sales of Energy Transfer (ET) and NGL Energy Partners (NGL). Green is the chair of the Committee on Homeland Security, and sits on the Committee of Foreign Affairs. 

• Senator Jerry Moran filed sales of 43 different equity positions and purchases of only 1: Berkshire Hathaway (BRK.B). Moran sits on several committees and subcommittees and chairs those on Commerce, Justice, and Science as well as Consumer Protection, Product Safety, and Data Security 

• Senator Sheldon Whitehouse filed purchases of Snowflake (SNOW), Eli Lilly (LLY), and Coca-Cola (KO). He also filed sales of Pfizer (PFE) and Target (TGT). Whitehouse is the chair of the Committee on Budget, and the Caucus on International Narcotics Control.

• Senator Rick Scott filed 3 sales of Vaxxinity (VAXX). Scott sits on the committees on Budget, Armed Services, and Homeland Security. 

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

CORPORATE LOBBYING SPOTLIGHT 

Insights from our Corporate Lobbying Dashboard

There have been 2 big spenders on lobbying so far for 2024: 

• NASDAQ (NDAQ) - with $525,000 spent on influencing SEC regulations, climate disclosure rules, and several legislative reforms to improve capital formation.

• Novo Nordisk (NVO) - with $1,440,00 spent lobbying on the Treat and Reduce Obesity Act and patent filings.

QUIVER STRATEGIES

Insights from Quiver Strategies

In the last month we’ve seen some impressive returns with some of our strategies: 

Representative Dan Muser’s personal and family trading strategy is up 12.15%.

The House Natural Resource Committee, tracking trades of current and former members, is up 5.94%.

Representative Josh Gottenheimer’s personal and family trading strategy is up 5.12% .

You can track all of our strategies at www.quiverquant.com/strategies.

REDDIT'S MARCH IPO: TESTING WATERS IN A COMPETITIVE MARKET

Insights from the Quiver News Feed

Reddit, the popular social media platform, is advancing its plans for an IPO in March, making it the first major social media company to go public since Pinterest in 2019. This move comes as Reddit, along with its peers, faces intense competition in the advertising domain from platforms like TikTok and Facebook (META). Reddit's IPO could also be a litmus test for its user community, which has been central to various "meme" stock rallies, including those of GameStop (AMC).

In its IPO, Reddit aims to sell about 10% of its shares, with the company valued at around $10 billion as of a 2021 funding round. The plan is to make a public filing in late February, followed by an early March roadshow, and complete the IPO by the end of the month. However, these plans could change, as indicated by the caution from sources familiar with the matter, who also note Reddit's history of postponing its IPO in response to market conditions.

Continued on our News Feed.