Stock of the Week
Pandora upgraded expectations for second-quarter results earnings on Wednesday, driving the share price higher. They are now up 94% since we positively rated the stock on director buying on the 17th of March. This is what we said:
Anders Boyer (CFO, joined August 2018) purchased €1.3 million worth of stock on March 17th at DKK 186, doubling his holdings to 102,000 shares. This is Boyer’s second purchase, his first was for €810,000 in August 2019 at DKK 247, which proved timely using a six-month window. The stock has since moved lower and it is interesting to see an even more aggressive purchase from him. We are ranking the stock +N.
Positive news that MGM Resorts is starting to reopen hotels. Here is what we said when we positively rated the stock on the 8th of April:
Since March 30th, Paul Salem (Chairman, joined 2018) has purchased $8 million worth of stock at $11 per share, and Keith Meister (Director, 2019) has purchased $18.6 million worth of stock at $11.50, on behalf of Corvex Management. These are confident purchases. Corey Sanders (CFO, joined 2010) purchased 24,991 shares at $12, spending $300,000 in his second and largest purchase. William Hornbuckle (CEO since March 2020, joined 2002) purchased $600,000 worth of stock at $11.97, also his second and largest purchase. This is an aggressive cluster of buying and comes just after Jim Murren (former CEO/CB) resigned effective March 22. We are ranking the stock +1.