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Top Buys by Directors: Mack's $1M Bet on NFE

By Energy Stock Channel Staff, Tuesday, August 24, 1:01 PM ET

The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $1M invested across 2 purchases by John J. Mack, Director at New Fortress Energy Inc (NASDAQ:NFE).

Mack bets big on NFE:

Purchased Insider Title Shares Price/Share Value
08/19/2021 John J. Mack Director 18,000 $27.56 $496,080.00
08/17/2021 John J. Mack Director 20,000 $26.30 $526,000.00

Mack's average cost works out to $26.90/share. Shares of New Fortress Energy Inc were changing hands at $29.62 at last check, trading up about 3.5% on Tuesday. The chart below shows the one year performance of NFE shares, versus its 200 day moving average:

New Fortress Energy Inc Chart

Looking at the chart above, NFE's low point in its 52 week range is $25.85 per share, with $65.90 as the 52 week high point — that compares with a last trade of $29.62.

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