Here is your Pro Recap of the biggest insider trades and institutional investor headlines you may have missed this week: news out of Ark Invest and Coinbase, and top brass buys at M&T Bank, Zumiez, ACI Worldwide , and Loews.
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Ark Invest buys more Coinbase shares amid SEC crackdown
Cathie Wood's Ark Invest boosted its holdings in Coinbase Global (NASDAQ:COIN) amidst a crypto industry crackdown by the SEC, driving the stock to nearly five-month lows. Data from Cathie's Ark revealed that three of Wood's funds purchased over 400,000 Coinbase shares, with her main ARK Innovation ETF (NYSE:ARKK) acquiring more than 300,000. This occurred as Coinbase's stock price dropped by around 20% at the start of the week following an SEC lawsuit for running an unlicensed exchange and issuing cease and desist letters over its staking services.
Coinbase is the fifth largest weightage in Ark's Innovation ETF, which has steadily acquired the stock since its 2021 listing.
M&T Bank's new CFO buys $1.2 million in stock
M&T Bank's (NYSE:MTB) recently appointed CFO, Daryl Bible, purchased 10,000 common shares, worth more than $1.2 million at $120.3981-$121.3532, as InvestingPro reported in real time. These shares encompass his entire stake in the company.
The company beat the Street estimates for its latest Q1 earnings report in April.
Last month, Morgan Stanley called out midcap banks, including M&T Bank, as heading for a short squeeze after a sharp fall since March.
3 more insider buys
Zumiez (NASDAQ:ZUMZ) saw a couple of insider buys, including from CEO, Richard Miles Brooks, who bought 74,930 common shares, worth more than $1M at $13.57, and from President International, Adam Christopher Ellis, who bought 10,000 common shares, worth nearly $150,000 at $14.67.
ACI Worldwide (NASDAQ:ACIW) President and CEO, Thomas Warsop, purchased 43,000 common shares, worth around $1 million at $23.5874-$24.1629. Warsop owns a total of 178,307 common shares following the latest transactions.
Loews (NYSE:L) SVP/Corp Dev and Strategy, Benjamin Tisch, purchased 330,000 common shares from, worth about $19M at $56.36-$57.88. Tisch owns a total of 350,309.80 shares following the transactions.
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Note: The original version of this article erroneously stated that ACI Worldwide's CEO bought $1 billion in stock. This has been corrected.