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Insider trade alert: This stock surged 26% since US senator bought it

Insider trade alert: This stock surged 26% since US senator bought it
Elmaz Sabovic

Insider trading is experiencing heightened activity, with notable politicians and CEOs selling and purchasing stock of famous companies. 

However, this trade is different, involving Senator Markwayne Mullin and Badger Meters (NYSE: BMI) stock.

On February 7, Mullin filed his acquisition: a purchase of $30,000 worth of BMI. Since then,  BMI stock has risen by an impressive 26.55% from the day he bought it.

BMI stock price change since Mullin's acquisition. Source: Google Finance
BMI stock price change since Mullin’s acquisition. Source: Google Finance

Known for its automated water meter technologies, Badger Meters stood out for several reasons. 

Why is this BMI stock trade different than the others?

Firstly, the Environmental Protection Agency (EPA) recently mandated utilities transition to newer automated water systems, which aligns with Badger Meters’ expertise. 

Secondly, Mullin’s position on the Environmental Services Senate Committee added a layer of significance to his investment in a company operating in this sector. 

Furthermore, Tulsa, Oklahoma’s announcement of a substantial $94 million investment in water meter upgrades last year resonated strongly, given that Mullin represents Oklahoma as a State Senator. 

The timing seemed opportune as the company reported stellar earnings, resulting in a remarkable surge in BMI shares value since Mullin’s filing became public knowledge.

2024 has been a busy year for Mullin

Senator Mullin’s activity on Quiver Quantitative reveals a busy start to 2024. 

In the first quarter alone, he made stock purchases totaling a staggering $1.97 million while only offloading a small portion of his portfolio, resulting in a tidy profit of $258,000. 

Senator Mullin's trading activity by year. Source: Quiver Quantitative
Senator Mullin’s trading activity by year. Source: Quiver Quantitative

In fact, Mullin’s trading habits position him as one of the most active insider traders in the Senate, a status worth monitoring closely.

If this trend persists, the Oklahoma Senator is poised to surpass last year’s remarkable record of $4.69 million in stock acquisitions.

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