In a week of repeat purchases we saw increased insider buying by both the CEO of project management software company Asana (ASAN) and three additional insiders of the insurance broker SelectQuote (SLQT). We also saw insider buying of online health insurance company Oscar Health (OSCR) by its co-founder Joshua Kushner. The purchase was done indirectly through the venture capital firm Thrive Capital, which was an early investor in Instagram and counted Jared Kusher as one of its investors. Oscar Health went public at $39 a share in March 2021 and has lost more than half its value since then. Mr. Kushner and Thrive Capital started buying shares when they dipped below $13 in late August.
Welcome to edition 584 of Insider Weekends. Insider buying increased last week with insiders purchasing $116.91 million of stock purchased compared to $74.99 million in the week prior. Selling decreased to $2.49 billion compared to $3.29 billion in the week prior.
Sell/Buy Ratio: The insider Sell/Buy ratio is calculated by dividing the total insider sales in a given week by total insider purchases that week. The adjusted ratio for last week dropped to 21.36 In other words, insiders sold more than 21 times as much stock as they purchased. The Sell/Buy ratio this week was favorable compared to the prior week when the ratio stood at 43.85.
Note: As mentioned in the first post in this series, certain industries have their preferred metrics such as same store sales for retailers, funds from operations (FFO) for REITs, and revenue per available room (RevPAR) for hotels that provide a better basis for comparison than simple valuation metrics. However, metrics like Price/Earnings, Price/Sales and Enterprise Value/EBITDA included below should provide a good starting point for analyzing the majority of stocks.
Notable Insider Buys:
1. Asana, Inc. (ASAN): $97.61
President, CEO, & Chair Dustin A. Moskovitz acquired 750,000 shares of this work management platform, paying $96.49 per share for a total amount of $72.36 million. Mr. Moskovitz increased his stake by 18.99% to 4,700,000 shares with this purchase.