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What Can Investors Deduce from HireRight Holdings’ Insider Trading?
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What Can Investors Deduce from HireRight Holdings’ Insider Trading?

Story Highlights

The study of insider activities can be effectively used by investors in gaining or losing exposure to any share. The recent corporate activities of HireRight Holdings, along with its solid financial results and projections, are healthy signals for investors.

HireRight Holdings Corporation (NYSE: HRT) is seen enjoying the market’s attention lately, with the stock gaining 9.4% in the past five days to close at $14.50 on Friday. Three days ago, Stone Point Capital, the Director holding more than a 10% stake in HireRight Holdings, increased its shareholding in the company.

HireRight is a provider of background screening services and presently has a market capitalization of $1.2 billion. A brief discussion on the abovementioned insider activity is provided below.

Date: May 27, 2022
Nature of Transaction: Informative Buy
Number of Shares: approximately 0.24 million
Amount: $3.34 million
Price Movement since Stake Buying: 0.7% ↑

Apart from this transaction, the TipRanks’ Insider trading tool mirrors that the insider confidence signal is Positive for HRT. In the last three months, the corporate insiders have purchased $3.3 million worth of HRT shares.

Stock Rating

Presently, HRT has a Strong Buy consensus rating based on seven Buys and one Hold. HireRight’s average price target of $22 implies 51.72% upside potential from the current level.

Apart from the abovementioned insider transaction, the positive momentum in the company’s share price seems to have stemmed from the better-than-expected earnings for the first quarter of 2022.

Following its first-quarter results, the company’s President and CEO, Guy Abramo, said that the Q1 results “demonstrate the strength and resiliency of our global offering as well as the favorable secular trends in labor markets worldwide.”

Also, the company has increased its revenue projections for 2022 to $815-$825 million from $805-$820 million projected earlier. Also, adjusted earnings per share are predicted to be $1.51-$1.64, up from the previous forecast of $1.32-$1.45 per share.

Conclusion

Solid financial performance, healthy projections, and buying activities by the Director could help interested investors in gaining exposure to the stock.

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