Most Notable Insider Transactions Include Heavy Insider Selling at Adobe Systems and Argan

CFO of Maker of Sodas Buys Company Shares as Investment

A well-informed and influential executive at Reed’s Inc. (NYSEMKT:REED) purchased some shares earlier this week. Chief Financial Officer Daniel V. Miles acquired 8,000 shares on Tuesday at a price tag of $3.62 each. After the recent transaction, Mr. Miles currently owns 38,000 shares. The Form 4 filing filed by the CFO indicated that the shares were bought on the open market as investment, which essentially implies that the shares of Reed’s are undervalued and are poised to go higher in the foreseeable future according to Mr. Miles.

The maker of natural non-alcoholic carbonated soft drinks, Kombucha, candies and ice creams has seen the value of its shares fall by 32% since the beginning of the year. Reed’s Inc. (NYSEMKT:REED) reported gross sales of $11.84 million for the second quarter, down from $13.17 million posted for the same period of the prior year. Despite the top-line decline, the company’s loss from operations decreased by $146,000 year-on-year to $493,000, reflecting margin improvement and significant cost containment. Jim Simons’ Renaissance Technologies LLC was the owner of 109,500 shares of Reed’s Inc. (NYSEMKT:REED) at the end of the second quarter.

Board Member of Texas-based Oil Company Buys Shares After Merger Completion

One member of Range Resources Corp. (NYSE:RRC)’s boardroom also bought a block of shares this week. Gregory G. Maxwell, who joined the company’s Board of Directors in September 2015, snatched up 1,000 shares at $37.00 apiece. Mr. Maxwell currently owns 12,211 shares.

The Texas-based independent natural gas, natural gas liquids and oil company focused on the Appalachian region has seen its market capitalization jump by 50% so far this year. Analysts at Morgan Stanley resumed coverage of Range Resources Corp. (NYSE:RRC) with an ‘Equal-Weight’ rating and a price target of $45 shortly after the Texas-based company completed the $4.2 billion-merger with Memorial Resource Development. Morgan Stanley anticipates Range Resources to extract greater value from freshly-acquired assets due to a solid track record of enhancing cost efficiency and improving well performance. Moreover, Morgan Stanley analysts “see significant upside if gas and NGL prices rebound, balanced by greater balance sheet risk than peers if commodity prices remain weak in 2017.” John Griffin’s Blue Ridge Capital added a 2.47 million-share position in Range Resources Corp. (NYSE:RRC) to its portfolio during the June quarter.

The final page of this article will discuss fresh insider selling at two other companies.