Key points
- Columbia Banking System is a high-yielding stock whose price has fallen to a long-term low; insiders are buying.
- Akoustis Technologies is in a hyper growth phase and insiders are buying.
- CG Oncology has a major approval on the horizon and could be a takeover target; its insiders are buying.
Insider buying is more active than ever, with many of the same stocks purchased in 2023 on the radar in 2024. New names such as Columbia Banking System (NASDAQ: COLB), Akoustis Technology (NASDAQ: AKTS)And CG Oncology (NASDAQ: CGON) are also retained. These actions are unrelated, except to their insiders, who buy and have a perspective of added value.
High Yielding Columbia Banking System, An Attractive Buy for Insiders
Columbia Banking System is the parent company of Umpqua Bank, headquartered in Tacoma, Washington. This 7.6% yielding stock has seven insiders buying it, all purchased since the first of the year. The activity is telling because there have been no insider sales in years, only purchases, and the activity represents a spike in the data. Together, they own about 0.5% of the company, but collectively bought more shares in January and early February than in the past three years. The insider purchases include three directors, the CEO, the CFO, the executive vice president and a vice president.
COLB stock prices recently hit a long-term low following weaker-than-expected guidance. The margin pressure seen in the latest report is expected to persist into 2024, but there is a silver lining. The company is working to resolve issues to bring its profitability in line with its industry peers and could outperform the depressed outlook for 2024. Regardless, the dividend is a reliable 57% of the earnings outlook.
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Analysts and institutions are supportive. All twelve analysts tracked by Insidertrades.com rate the stock a Hold rating and consider it a Strong Value. Recent price action has been below analysts’ lowest target, with the consensus flat over the past three months and 27% above the stock price. Institutions own 90% of the company and have been buying in total for over ten quarters.
Penny Stock Akoustis Technology in Hyper-Growth Mode
Penny stock Akoustis Technology manufactures RF filtering devices for the mobile wireless industry. It has been in a persistent downtrend for years, but it may have finally reached its lowest level. The company has won numerous design contracts in recent quarters, including from major U.S.-based wireless carriers and auto component makers. These wins put the company on track to continue growing at a high double-digit pace, around 80% this year and next, and forecasts could be light. 2024 revenue is expected to be $33 million, so it will only take one big winning product to surpass it.
Among the problems pushing the stock down is dilution. The company relies on selling shares to raise capital and has grown its figure by 26% in 2023. The bad news is that shareholder deficits persist and shareholder equity is falling; the result is that debt remains low and the balance sheet is healthy. Assuming the company grows as expected, stock sales are expected to slow over the next year.
As for insiders, four made a single purchase in January or early February. The purchases are notable because they are the first in two years and include the CEO, CFO, vice president and a director. Insiders own about 5% of the company, and institutions are also big shareholders. Institutional holdings exceed 50%, a significant sum for a penny stock, and ownership is broad. Three analysts rate the stock at Hold and see it progress by 40% at the lower end of their target range.
CG Oncology completes healthy IPO
CG Oncology is an emerging discipline at an advanced stage pharmaceutical development company in the process of being acquired. Its IPO is focused on the launch of its flagship treatment, which targets bladder cancer and is expected to be approved soon. The stock has been bought by four insiders since the IPO, including major shareholder Decheng Capital Global Life. Decheng Capital is a Menlo Park-based venture capital firm focused on life sciences. He is the 2nd holder of the title. Insiders own about 15%.
Companies in this article:
| Business | Current price | Price change | Dividend yield | P/E Ratio | Consensus rating | Consensus price target |
|---|---|---|---|---|---|---|
| Banking system of Colombia (COLB) | $19.41 | +3.0% | 7.42% | 11.76 | Socket | $24.13 |
| Akoustis Technologies (ACTS) | $0.73 | +7.1% | N / A | -0.77 | Socket | $1.92 |
| CG Oncology (CGON) | $43.74 | +5.2% | N / A | N / A | N / A |
Experience
Thomas Hughes has been a writer for InsiderTrades.com since 2019.
Areas of expertise
Technical analysis, the S&P 500; retail, consumption, consumer staples, dividends, high yield, small caps, technology, economics, oil, cryptocurrencies
Education
Associate of Arts in Culinary Technology
Past experience
Market observer, trader and investor for numerous websites. Created Passive Market Intelligence LLC to provide market research insights.
