Since concerns over the resurgence of COVID-19 cases, soaring inflation, and looming interest rate hikes are keeping the stock market under pressure, many quality stocks are currently trading at reasonable prices. And even if the volatility continues for an extended period, experts believe many stocks are well-positioned to rebound quickly. According to a Bankrate survey report, analysts expect the S&P 500 to climb about 8% in fiscal 2022.
With the earnings season picking up momentum and the economy heading toward full-employment, many quality stocks are well-positioned to deliver solid returns this year. Consequently, insiders at several companies are scooping up shares of their companies to take advantage of current low prices.
Uber Technologies, Inc. (UBER), Asana, Inc. (ASAN), and Luminar Technologies, Inc. (LAZR) have witnessed significant insider buying of late. So, we think it could be worth adding these stocks to your watchlist.
Uber Technologies, Inc. (UBER)
UBER develops and operates proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. The San Francisco company has four segments: Mobility; Delivery; Freight & Advanced Technologies Group; and Other Technology Programs. Over the last six months, net insider purchases have totaled 409,510 shares.
On Nov. 4, 2021, Dara Khosrowshahi, CEO, said, “Our early and decisive investments in driver growth are still paying dividends, with drivers steadily returning to the platform, leading to further improvement in the consumer experience.”
UBER’s revenue came in at $4.84 billion for the third quarter, ended Sept. 30, 2021, up 72.2% year-over-year. The company’s gross bookings increased 56.8% year-over-year to $23.11 billion. Its cash and cash equivalents came in at $6.48 billion for the period ended Sept. 30, 2021, compared to $5.65 billion for the period ended December 31, 2020. Also, its total assets were $36.88 billion compared to $33.25 billion for the same period.
For its fiscal 2022, analysts expect UBER’s revenue to be $25.38 billion, representing a 49.1% year-over-year rise. In addition, the company’s EPS is expected to increase 38.2% for fiscal 2022. Also, it surpassed the consensus EPS estimates in three of the trailing four quarters. Over the past month, the stock has gained 11.4% in price to close yesterday’s trading session at $41.51.
Asana, Inc. (ASAN)
Together with its subsidiaries, ASAN in San Francisco operates a work management platform for individuals, team leads, and executives in the United States and internationally. The company has more than 114,000 paying customers and millions of free organizations across 190 countries. Over the last six months, net insider purchases totaled 11,974,742 shares.
On Dec.2, 2021, Dustin Moskovitz, co-founder, and CEO of ASAN, said, “We are excited to be announcing that we exceeded two million paid seats and we are landing bigger with larger customers and expanding significantly across our customer base. With some of the most valuable companies in the world deploying Asana to manage initiatives across entire divisions, Asana exemplifies what cross-functional work management at scale looks like.”
ASAN’s revenues increased 70.3% year-over-year to $100.34 million for its fiscal third quarter, ended Oct.31, 2021. Its net loss came in at $69.28 million compared to $73.29 million in the previous period. Moreover, its loss per share came in at $0.37, compared to $0.65 in the year-ago period.
Analysts expect ASAN’s revenue to increase 63.8% year-over-year to $371.92 million in its fiscal 2022. Its EPS is also estimated to grow 17.2% for fiscal 2022. The stock surpassed EPS estimates in each of the trailing four quarters. Over the past year, the stock has gained 62% in price to close yesterday’s trading session at $60.18.
Luminar Technologies, Inc. (LAZR)
LAZR in Orlando, Fla., operates as a vehicle sensor and software company for passenger cars and commercial trucks. The company operates in two segments: Autonomy Solutions and Other Component Sales. Over the last six months, net insider purchases totaled 1,682,040 shares.
On Nov. 11, 2021, Austin Russell, LAZR Founder, and CEO, said, “This quarter was one to remember with the debut of our Proactive Safety software, new top vehicle integration partnerships, two trucking wins, closing the acquisition of a key supplier, world-class leadership additions, and the culmination of our platform win with NVIDIA.”
LAZR’s revenue increased 88.5% year-over-year to $7.98 million in the third quarter, ended Sept. 30, 2021. Its goodwill came in at $3.11 million, for the period ended Sept. 30, 2021, compared to $701,000 for the period ended Dec. 31, 2020. Also, its total assets were $607.81 million, compared to $510.35 million for the same period.
Analysts expect LAZR’s revenue to grow 27% year-over-year to $39.56 million for its fiscal 2022. Over the past month, the stock has gained 2.3% in price to close yesterday’s trading session at $15.42.
UBER shares were trading at $39.00 per share on Tuesday afternoon, down $2.51 (-6.05%). Year-to-date, UBER has declined -6.99%, versus a -3.77% rise in the benchmark S&P 500 index during the same period.
About the Author: Riddhima Chakraborty
Riddhima is a financial journalist with a passion for analyzing financial instruments. With a master's degree in economics, she helps investors make informed investment decisions through her insightful commentaries.
3 Stocks that Insiders Are Furiously Scooping Up StockNews.com
