Insider trades this week: amid Carvana collapse, a big insider buy

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Insider trades this week: amid Carvana collapse, a big insider buy
Credit: © Reuters.

Sizable insider moves can serve as useful bellwethers for investors. Here are some of the biggest such moves from the past week, as first reported on InvestingPro+.

Carvana (NYSE: CVNA ) Chief Product Officer Daniel Gill acquired 133,000 shares on November 21 at $7.62 for over $1.01 million. Carvana shares have plummeted 96.7% year to date amid shrinking demand for used cars.

Also this week, Cowen significantly reduced Carvana's price target to $10 from $55 per share, stating, "industry & macro headwinds have impacted unit growth and revenue trajectory while lengthening the path to profitability." It also pointed to recent cost-cutting efforts not resulting in the company meeting 2022 profit targets, as well as Carvana's significant debt load.

The stock lost 7.2% for the week to $8.

Helbiz Inc (NASDAQ: HLBZ ) shares rose after CEO and founder Salvatore Palella bought 4,019,293 shares at $.1766, to "further underlining his belief in the future of the company and recent changes to the structure." Shares have sunk 96% for the year. They jumped 16.2% for the week to $0.23.

Canoo Inc (NASDAQ: GOEV ) stock closed Friday up 4.6% after CEO Tony Aquilla bought over 9 million additional shares of the EV maker. Filings with the SEC showed that on November 9, 2022, Canoo entered into the Subscription Agreement providing for the purchase of an aggregate of 9,009,009 shares of Common Stock at a price of $1.11 per share for an aggregate purchase price of $10.0 million.

Mr. Aquila and AFV-10, a special-purpose vehicle managed by entities affiliated with Mr. Aquila, were purchasers of the shares. Aquilla and related entities now own 62,479,217 shares of Canoo, or 19.2% of the shares outstanding. Canoo shares were off 11.4% to $1.13 for the week.

Sabre (NASDAQ: SABR ) CRO Michael Randolfi bought 100,000 shares on 11/22/22 at $4.75-$4.80 per share. The latest purchases brings his stake to 209,170 shares. Shares were down 0.9% for the week to 5.3%.

Sam Boughedda contributed to this article.

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