Alternative Investments: Insider Buying Recap for March 31, 2020

March 31, 2020 | Alts Education, News
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The selloff tied to coronavirus has settled for now. However, the shuttering of large parts of the global economy remains a major challenge for the months ahead. Will insider buying pickup?

Most analysts expect private equity and activist investors to become very active in buying companies at depressed stock prices. The activists will be urging many companies to make drastic changes deigned to force the stock price higher, giving them outsized profits. When an activist takes a position of 5% or more in a particular company and intends to engage with management on an active basis. Tracking those filings each day can help us determine which companies and industries are attracting buying from these investors.

Insider Buying

Raging Capital was very active on Monday.

The investment firm filed a 13D announcing that they owned 6.20% of Park Aerospace. In the filing, they commended Park’s management and board of directors for being excellent stewards of shareholder value over time. They suggested that given that the market cap has shrunk to just $230 million and they have more than $140 million of cash on the books, the board should begin aggressively buying back stock immediately. Parks share rose by over 9% on the day following the filing with the Securities and Exchange Commission (SEC).

Park Aerospace Corp. (NYSE: PKE) develops and manufactures solutions and hot-melt advanced composite materials used to produce composite structures for the aerospace market.

Raging Capital also announced that it owned 9.1% of Castlight Health (NASDAQ: CSLT). They want Castlights management to take whatever steps are necessary during these uncertain times to reduce the costs of the business and to drive the business to breakeven or better. Raging Capital pointed out that half of the company market cap is in cash and securities, and the company needed to take steps to prevent that from being spent to offset losses.

The company also saw s insider buying earlier in the month as three different officers and directors made open maker t purchases of the stock including both the CEO and CFO. Castlight Health provides a software-as-a-service platform used for health benefits navigation for employees in the United States.

 

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