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CalAmp shares rise as company insiders go on a buying spree

CalAmp Corp. (NASDAQ: CAMP) witnessed multiple insider trades, worth $1.62 million, in the past 15 days. The last informative buy transaction was made by B. Riley Asset Management, LLC, a director of the company.

Shares of the IoT solutions provider rose 1.4% on Tuesday. The company’s last closing stock price was $4.31.

Transaction details

B. Riley Asset Management bought 106,900 shares of CalAmp for $4.14 per share this week, according to TipRanks, which also provides a comprehensive list of daily insider trades. The total value of the transaction was $442.57 thousand.

Last week, this insider racked up CAMP shares worth $1 million. B. Riley Asset Management now owns $7.4 million worth of CAMP stock.

Various company insiders have bought the company’s shares a total of five times in the past 15 days. An illustrated snapshot of the same is provided below:

Additionally, company insiders have purchased $1.6 million worth of CAMP stock in the past three months.

Interestingly, TipRanks also provides a list of hot stocks that boasts of a very positive or positive insider confidence signal.

The Taking of Wall Street

On TipRanks, the company has a moderate buy consensus rating based on two buys. CAMP’s average price target of $12 reflects 183% upside potential from the current level. Over the past year, CAMP’s shares have declined by 65.5%.

On June 24, 2022, Scott W. Searle of Roth Capital reiterated a buy rating on CAMP while lowering his price target to $13 (201.62% upside potential) from $13.50.

Conclusion

The aforementioned trading activity suggests that company insiders are increasing their exposure to CAMP shares using the low stock price as a good entry point. Investors interested in taking advantage of the company’s growth prospects could follow suit.

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