The stock trading activities of United States Congress members often revolve around popular companies in the market. However, one Congress member has exhibited unusual trading behavior by opting for a stock not commonly favored by her colleagues.
According to the Congress trading tracking platform Quiver Quantitative, in an X post on September 6, Representative Debbie Wasserman Schultz made her first stock trade in months.
The lawmaker disclosed her purchase of shares in Hecla Mining Company (NYSE: HL), an uncommon move for a sitting politician, especially given the context.
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Schultz invested between $1,001 and $15,000 in the stock. Since the trade, HL has rallied over 8%.
Suspicion around HL trade
According to the platform, there is room for suspicion, given that this was her first trade in months. Moreover, the purchase of Hecla Mining stock is unusual among politicians.
Notably, Hecla Mining, a silver and gold mining firm, has not attracted significant attention from Congress members in years. The stock purchase coincides with a period of economic uncertainty after months of stubborn inflation, during which precious metals like gold are often considered safe-haven investments.
Notably, HL has experienced short-term volatility, trading at $5.45 as of press time, reflecting a daily loss of about 2%, in line with general market sentiment. However, year-to-date, the stock has rallied by over 16%.
Schultz’s trading activity
An examination of Schultz’s trading activity shows she holds a higher stake in information technology. Since the start of her trading activity, the politician has made over 100 trades with a total volume of $1.71 million, contributing to her estimated net worth of nearly $500,000.
Overall, her purchase is likely to raise ethical questions, particularly concerning the potential use of insider information and the timing of the trade.
Interestingly, her investment diverges from the pattern seen among her colleagues, many of whom appear to mimic each other’s trades. For instance, as reported by Finbold, a new trend has emerged suggesting that politicians may be copy-trading one another.
For instance, data shows that in her latest trade, Representative Marjorie Taylor Greene seems to be emulating the trading strategy of former House Speaker Nancy Pelosi, who has a reputation as one of the most successful stock traders in Congress.
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