Dustin Moskovits, President and CEO at Asana (ASAN), recently bought 1,015,000 shares. The buy increased his stake by 2 percent, and came to a total cost of $18,310,600.
This is his second buy of the month, following a 554,847 share pickup on September 8. And this is his 19th buy so far this year. A few company insiders have been sellers of shares this year, with some of those sales coming from the exercise of stock options.
Overall, Asana insiders own 40.3 percent of shares.
The stock has been a poor performer this year, with a 17 percent drop compared to a similar gain for the S&P 500. The work management app program company is still in the early stages and isn’t yet profitable.
Fortunately, revenues are up 20 percent over the past year, and Asana has enough cash to cover a few more quarters of losses without having to hit up the capital markets.
Action to take: Shares look attractive as a rebound play in the months ahead. Investors may like shares for their market-beating potential from today’s depressed prices.
For traders, shares have declined in recent weeks and look oversold in the short-term. The January 2024 $20 calls, last going for about $1.30, could see high double-digit returns for a year-end rally in shares.
Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.