Shares of Chardan Nextech Acquisition 2 (NASDAQ: CNTQ) more than doubled yesterday following massive insider buying. CNTQ’s CEO, Jonas Grossman, and Director Kerry Propper bought up a total of 970,000 shares of the company (485,000 shares each) at $10.36 per share.
CNTQ is a blank check company formed to effect a merger, asset acquisition, or business combination.
TipRanks’ Insider Trading Tool shows Insiders at Chardan Nextech Acquisition 2 are optimistic about the stock’s near-term prospects and have bought CNTQ stock worth $12.4 million in the last three months.
The tool also shows that Insider Confidence Signal is currently Very Positive for CNTQ stock.
Interestingly, TipRanks also provides a list of hot stocks that boasts of either a Very Positive or Positive insider confidence signal.
Further, CNTQ stock boasts a score of 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
Interestingly, it’s not just the corporate Insiders who are bullish on the stock. CNTQ stock has a very positive signal from hedge fund managers, who added 164,500 shares during the last quarter.
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