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Insider Trading: Insulet (NASDAQ:PODD) Gains as Top Executive Makes Share Purchase
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Insider Trading: Insulet (NASDAQ:PODD) Gains as Top Executive Makes Share Purchase

Story Highlights

Insulet’s CEO recently bought PODD shares worth about $1 million. Let’s take a closer look at the insider’s moves in this article.

Insulet (NASDAQ:PODD) stock gained about 4% in yesterday’s extended trade after one of its top executives recently purchased PODD’s shares. This medical device company manufactures an insulin infusion system for people with insulin-dependent diabetes. 

James Hollingshead, President and CEO of Insulet, bought 5,550 shares of PODD stock on August 28 at a weighted average price of $181.41 per share. The transaction’s total consideration stands at about $1 million.

Recent Development

It is worth mentioning that Insulet recently disclosed plans to introduce its Omnipod 5 automated insulin delivery system in Germany. This expands the device’s presence in a third market, following its availability in the U.S. and U.K.

Omnipod 5 is a tubeless automated insulin delivery system. It integrates with the Dexcom G6 Continuous Glucose Monitoring (CGM) System, providing an advanced solution for diabetes management.

Insider Confidence Signal

Overall, corporate insiders have bought PODD shares worth $421,700 over the last three months. However, TipRanks’ Insider Trading Activity Tool shows that insider confidence in Insulet is currently Very Negative.

Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.

Is Insulet a Buy?

While insiders are bearish on PODD stock, Wall Street analysts are cautiously optimistic about its growth prospects. On TipRanks, PODD stock has a Moderate Buy consensus rating based on eight Buys and four Holds. The average stock price target of $282.58 implies 49.1% upside potential.

As per TipRanks’ data, the most accurate and profitable analyst for PODD is Raymond James analyst Jayson Bedford. Copying the analyst’s trades on this stock and holding each position for one year would have resulted in 65% of your transactions generating a profit, with an impressive average return of 17.4% per trade.

Disclosure

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