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SuRo Capital (SSSS): $4
Market Cap: $100.84 million
EV: $80.18 million
Finding a company that was interesting enough to write about for this week’s insider weekends article was particularly challenging. I looked into each of the top 5 purchases but while there were glimmers of hope, there were also serious issues with each of them. Maybe it is because insider buying on the whole has dried up in recent weeks as we head into the end of the year and a quiet period for most companies. Maybe it is because the large rally this year has left valuations stretched and insiders less enthusiastic about buying on the open market. Maybe it is just the time of the year when insiders are gearing up for the holiday season or are focused on planning/forecasting for the next year.
Instead of focusing on the top 5, I figured I would dig deeper down the list to see if anything interesting popped up. I noticed that the CEO of SuRo Capital (SSSS), a company we used to have in the model portfolio, was once again buying stock. SuRo Capital, formerly known as GSV Capital, was a way for public market investors to invest in high growth private companies. The reason CEO Mark Klein is buying stock is because the company is trading at a more than 50% discount to NAV.