Intel stock extends gains after report of possible U.S. government stake
Mark D. Klein, Chairman, CEO, and President of SuRo Capital Corp. (NASDAQ:SSSS), recently acquired a significant amount of the company's common stock, totaling $417,610. The transactions, which took place over several days, involved the purchase of shares at prices ranging from $5.03 to $5.20 per share. The timing appears strategic, as InvestingPro data shows the stock has delivered a strong 30% return over the past six months, with analysts setting price targets between $6.00 and $8.70.
On November 26, Klein purchased 10,000 shares at a weighted-average price of $5.03. The following day, he acquired an additional 32,257 shares at an average price of $5.10. The buying spree continued on November 29, with Klein purchasing 39,000 shares at an average price of $5.20. According to InvestingPro Tips, the company maintains strong liquidity with a current ratio of 12.9x, while trading near its 52-week high of $5.44.
These acquisitions have increased Klein's direct ownership to 1,169,923 shares, which includes shares indirectly owned through his spouse and restricted shares subject to vesting schedules. With a market capitalization of $124 million, these insider purchases represent a significant vote of confidence in the company's future. InvestingPro subscribers have access to 5 additional key insights about SuRo Capital's financial health and valuation metrics.
In other recent news, SuRo Capital Corp. has reported significant developments in its investment strategies and financial standing. The company announced its Q3 2024 earnings, revealing a strategic focus on artificial intelligence (AI) investments. It reported a net asset value (NAV) of $157.4 million or $6.73 per share, with substantial investments in AI companies such as OpenAI and CoreWeave.
During the latter half of the year, SuRo Capital allocated approximately $65 million to private firms, $55 million of which went to AI-centric entities. This decision positions AI as a substantial part of SuRo's portfolio, comprising 18% of its gross assets, a figure that increases to 23% post-quarter.
In addition to its earnings report, SuRo Capital Corp. has amended its at-the-market (ATM) offering program, engaging Barrington Research Associates, Inc. as an additional sales agent. The amendment enables the company to potentially issue and sell up to $150 million in common stock through the ATM program.
These recent developments are part of SuRo Capital's ongoing strategy to navigate the evolving market landscape, as evidenced by its diversified investment themes and shareholder initiatives. The potential for upcoming IPOs from its portfolio companies, including CoreWeave, ServiceTitan, and Canva, further underscores this approach. Despite a decrease in NAV per share from $6.94 in Q2 to $6.73 in Q3, SuRo Capital's leadership remains confident in their current positioning and the potential for growth.
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