I love the product and I do hold a significant number of shares but the one topic that is not discussed is the complete lack of insider buys.
Why haven't the Officers and Directors of this Company averaged down? When was the last significant purchase of shares by someone in the inside ?
Can we seriously believe that we know more than Insiders about the true potential of this Company stock?
I know this post will attract negative responses. If I was naive enough to believe that my opinion or this Board could somehow influence the pps, I would simply stfu.
So you want us to believe that a Director, hand picked to sit on the Board of a world class and publicly traded Corporation does not have the financial means to invest further funds in a supposed once-in-a-lifetime investment opportunity and actually has to sell his shares so he can feed his kids?
If I knew that my shares would be worth significantly more in a few months, I would figure out a way to survive without cashing in my shares ie: live off savings, liquidate other investments, borrow, beg, get a line of credit.
There may be a rational reasonable explanation why there has been no insider buying but i just haven't heard it from all of the talking heads on this board.
No purchases as far back as 2008.
When we are being told by Mel that this company will be a cash cow and the companies future is golden, Scott G. sells 3.3 million shares of Siri direct at $1.01 in August, 2010 !!!
Does this sound like a company about to be acquired ? What's the real story here ?
IF you go back and look at the filings of many of those insiders that have been selling over the last year you will see they are getting stock as a part of their salary. So many of them are selling off portions of their stock grants for pay and to pay the taxable portion for those grants.
Why buy stock when you are getting it every month or every quarter as part of your pay. At that point you are just determining how much cash you need and what the taxes are on the stock you sell that much and back the rest of the stock.
Your question is a very good one.
I also have wondered about this very same thing for years now.
I do know that management is privy to alot of ongoing information that could be construed as insider info if they acted upon it. However you would think that there would be several windows of opportunity where no new germain info would affect their ability to purchase shares.
This is a very perplexing quandry about no insider purchases. To say that they all own enough shares already is no explaination as greed dictates that even insiders will accumulate as much as possible given the correct circumstances.
Any insider purchase would go along ways in helping retail confidence, as well as institutional confidence in this stock.
"I do know that management is privy to alot of ongoing information that could be construed as insider info if they acted upon it."
Of course they are- they're insiders, DOH !
All they need to do is wait a week or so on either side of any public announcements by the co, then they can buy or sell outside those time windows. Unfortunatley they are only selling.