Boeing (NYSE: BA) shares appear stuck in a constant loop of problems, including legal issues, FAA investigations, and reports of faulty parts on numerous flights.
What’s particularly noteworthy is that US Representative Mike Garcia seems to have been aware of these issues long before they became public knowledge.
Garcia sold up to $50,000 worth of Boeing stock in September 2023. This occurred before the emergence of Boeing issues and just before the House Committee on Transportation & Infrastructure, of which he is a member, issued a report concerning Boeing. Notably, he filed the sales late.
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Boeing shares have fallen by -11.59% since Representative Garcia made his sale in September.
Garcia is not the only seller of Boeing stock
Quiver Quantitative’s stock data reveals that Garcia is not the only politician who appropriately sold his BA holdings. Utah Republican Blake Moore and Oklahoma Representative Kevin Hern sold company shares in January after reports about safety concerns regarding their planes surfaced.
On January 9, Moore, who had advocated for changes to federal laws in July 2023 to facilitate more nonstop flights between Washington and Utah, sold between $1,001 and $15,000 worth of Boeing stock.
Similarly, Hern, a former aerospace engineer and member of the House of Representatives who had testified before Congress in April 2023 criticizing the FAA for “inconsistent guidance and onerous certification processes,” which he claimed were “detrimental” to the aviation industry, also sold shares within the same value range as Moore.
Boeing stock price chart
At the previous close, BA stock was trading at $184.24, marking a 24-hour decrease of -4.29%, contributing to losses of -8.68% over the past five days of trading.
This downward trend extends to the monthly and year-to-date charts, with BA shares down by -9.89% and -26.82%, respectively.
US politicians and their sales seem an ominous sign for Boeing and its shares. Troubles never seem to end, and further losses are expected in the upcoming period.
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