Congress members’ relentlessly’ purchased this stock before major $3 billion contract
The post Congress members’ relentlessly’ purchased this stock before major $3 billion contract appeared on BitcoinEthereumNews.com.
Stock trading activity by members of the United States Congress remains a crucial area of concern, particularly regarding the potential use of insider information. In this context, defense giant Lockheed Martin (NYSE: LMT) is in the spotlight after landing a significant deal that raised questions about the timing of some lawmakers’ purchases. Specifically, the deal saw Lockheed Martin secure a $3.4 billion modification contract for the U.S. Army’s guided multiple-launch rocket system. This contract is expected to bolster Lockheed Martin’s revenue targets, following an impressive Q2 2024 in which revenues reached $18.12 billion, reflecting an 8.5% year-over-year growth. Timing of Congress LMT purchases In this context, data shared by charting platform Trend Spider in an X post on August 2 revealed a consistent effort by Congress members to purchase the stock over the last 24 months before the contract award. “On Friday, Lockheed Martin $LMT was awarded a $3.4 BILLION contract with the US Army. Congress members have been loading the boat relentlessly for the last 24 months,” the platform noted. LMT daily stock chart. Source: Trend Spider The data indicated that notable names such as Representatives Kevin Hern, Kathy Manning, and Jared Moskowitz made purchases throughout 2023 and 2024, often coinciding with price dips and subsequent recoveries. Based on data from Quiver Quant, a breakdown of the purchases shows that Hern’s last LMT purchase occurred on June 28, ranging between $1,001 and $15,000. Since the purchase by the Representative from Oklahoma, the stock has rallied 21%. Representative Kevin Hern LMT purchase information. Source: Quiver Quant On the other hand, Moskowitz bought several stakes in the defense firm, with his last purchase recorded on July 1, 2024. His stakes also ranged between $1,001 and $15,000. Similarly, the stock has rallied about 21% since her purchase. Representative Jared Moskowitz LMT purchase…
Filed under: News - @ September 3, 2024 11:23 am