The post Massive insider trading hits Intel amid $3.5 billion government contract appeared on BitcoinEthereumNews.com.

Intel (NASDAQ: INTC) has witnessed a surge in insider stock purchases coinciding with the announcement of a $3.5 billion United States government contract award. The number of shares purchased by insiders skyrocketed to approximately 12,500 in Q3 2024, reflecting a 43% year-over-year growth. In comparison, only 7,009 shares were bought in the same period in 2023, according to data retrieved from the stock market tracking platform Quiver Quantitative on September 17. The spike in insider trading is noteworthy, especially considering the trend earlier this year when purchases had dipped to 5,800 shares in Q1. However, by the second quarter, the number had surged to 8,100. Intel stock insider purchases by quarter. Source: Quiver Quantitative This momentum has only accelerated, aligning with the company’s award of a Pentagon deal to manufacture chips for the military. The agreement is under the Secure Enclave program, which seeks to produce advanced chips with military and intelligence applications. It’s critical to note that insider trading is not always suspicious since, in some cases, it reflects executives’ confidence in a company’s future. However, the proximity of these transactions to the Pentagon deal raises questions about whether the insiders were motivated by information not available to the public.  Already, INTC is reacting to the news as pre-market trading indicates that the stock has rallied 6.7%, trading at $22 ahead of the market opening on September 17. INTC pre-market trading September 17. Source: Nasdaq INTC stock reaction  The positive reaction of the stock to this development is a much-needed boost for Intel, which has seen its stock drop 56% in 2024 while failing to keep up with peers such as Nvidia (NASDAQ: NVDA). This performance has had a far-reaching impact, earning Intel a spot among the worst-performing S&P 500 stocks in 2024. With that being said, in the…

---

Filed under: News - @ September 17, 2024 12:22 pm