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Hedge Fund and Insider Trading News: Warren Buffett, Citadel LLC, CPI Aerostructures, Inc. (CVU), Costco Wholesale Corporation (COST), and More

Insiders Swoop on UK Industrials (City Index)
Prime Minister Theresa May’s dramatic call for “compromise” has sent sterling up as much as 185 pips since Tuesday night. The typical negative impact on giant FTSE stocks linked to non-sterling revenues is well-known. Theresa May’s definitive move towards a softer deal poses further sterling upside risk. That could weigh more on FTSE multinationals. Conservative Party fallout could unseat May, heralding an election and markets have been averse to that possibility of late. Until it crystallises though, Brexit-sensitive shares look favoured, particularly those left undervalued by economic and political uncertainty.

The President & CEO of CPI Aerostructures (NYSE MKT: CVU) is Buying Shares (AnalystRatings.com)
Today, the President & CEO of CPI Aerostructures (CVU), Douglas Mccrosson, bought shares of CVU for $165K. This recent transaction increases Douglas Mccrosson’s holding in the company by 24.53% to a total of $823.4K. Based on CPI Aerostructures’ latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $26.5 million and GAAP net loss of $800K. In comparison, last year the company earned revenue of $18.19 million and had a net profit of $1.26 million. CVU’s market cap is $58.46M and the company has a P/E ratio of 23.79. Currently, CPI Aerostructures has an average volume of 7,107.

House Hearing to Probe Bill Banning Subset of Insider Trading (Bloomberg Law)
House lawmakers are taking a look at SEC Commissioner Robert Jackson’s concerns about company insiders profiting from trading while some significant corporate information isn’t public. A draft measure prohibiting executives from buying and selling company stock during an “8-K trading gap” is among securities bills scheduled to be subject of an April 3 House Financial Services subcommittee hearing.

Former CEO of Silicon Valley Startup Charged With Defrauding Investors (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has charged the founder and former chief executive of a Silicon Valley startup with defrauding investors in Jumio Inc., a private mobile payments company. The former CEO, Daniel Mattes, agreed to pay more than $17 million to settle the charges. According to the SEC’s complaint, filed in federal court in California, Mattes grossly overstated Jumio’s 2013 and 2014 revenues and then sold shares he held personally to investors in the private, secondary market. The complaint alleges that Mattes made approximately $14 million by selling his Jumio shares and hid these sales from Jumio’s board. According to the complaint, Mattes also falsely told an investor that he didn’t want to sell any of his shares because there was “lots of great stuff coming up,” and that “he’d be stupid to sell at this point.” Jumio restated its financial results in 2015, wiping out most of its revenue, and the shares became worthless after it filed for bankruptcy in 2016.

Wednesday 4/3 Insider Buying Report: COST, RAVN (Nasdaq.com)
Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys. On Monday, Costco Wholesale Corp (COST)’s Director, John W. Meisenbach, made a $727,935 purchase of COST, buying 3,000 shares at a cost of $242.65 a piece. So far Meisenbach is down about 0.7% on the purchase, with shares changing hands as low as $241.02 in trading on Wednesday. Costco Wholesale Corp is trading up about 0.3% on the day Wednesday. This purchase marks the first one filed by Meisenbach in the past twelve months.

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