California-based CalAmp Corp. (NASDAQ: CAMP) has seen a lot of insider trading activity recently. One of its directors, B. Riley Asset Management, made an informative buy of $1.55 million worth of the company’s shares on July 11 and July 12.
The asset manager paid around $4.13 for each share of CalAmp. After the last transaction, B. Riley now owns 2.08 million shares of the company, which offers telematics and data intelligence products and services, cloud services, and Internet of Things (IoT) software applications..
On July 8, CalAmp’s President and CEO Jeffery R. Gardner acquired 23,000 shares of the company for $4.3 a share, making the transaction worth $98,900. Following the purchase, Gardner holds 346,683 shares of the company worth nearly $1.5 million.
Both Gardner and B. Riley Asset Management’s recent transactions are listed on TipRanks’ Insider Trading Activity tool, as shown below:
The tool also shows that Insider Confidence Signal is currently Positive for CalAmp, with corporate insiders buying CAMP stock worth $3.2 million in the last three months.
Interestingly, TipRanks also provides a list of hot stocks that boasts of either a Very Positive or Positive insider confidence signal.
Investors Are Positive about CalAmp
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on CalAmp, with almost 11% of investors on TipRanks increasing their exposure to the stock over the past 30 days.
CAMP Stock Signals 192.7% Upside Potential
According to TipRanks, which also provides a comprehensive list of daily insider transactions, the stock has a Moderate Buy consensus rating based on two Buys. CAMP’s average price target of $12 reflects an upside potential of 192.7% from current levels. Over the past year, shares of CAMP have declined 66.1%.
What’s Ahead for CalAmp?
Corporate insiders and retail investors could be increasing their stakes in the SaaS provider in anticipation of strong second-quarter results, which are scheduled to be released on September 29. The Street expects CalAmp to record a loss of $0.03 per share, compared with a profit of $0.08 per share reported last year.
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