Insider Buying: Hedge Fund Legend Makes A Series Of Stock Purchases In Premium Digital Smart Home Fitness Company Interactive Strength (NASDAQ: TRNR – “FORME”) – Interactive Strength (NASDAQ:TRNR)
Notable hedge fund manager Bradley Wickens has made a series of insider purchases adding to his position of more than a 10% holder in premium digital smart home fitness company Interactive Strength Inc. TRNR “FORME”))). FORME is a digital fitness platform that combines premium connected fitness hardware products with live virtual 1:1 personal training. The Company completed an IPO in May and aims to establish itself as a leader in the premium fitness training market by combining at-home convenience with cutting-edge personal training services through its award winning connected hardware products.
Wickens, a UK-based hedge fund manager and founder of Broad Reach Investment Management, started with a 10% ownership stake in Interactive Strength. Wickens has made a series of share purchases since Interactive Strength’s initial public offering (IPO), and he increased his number of TRNR shares by over 120,000 during the month of May.
In his most recent purchase, he acquired 20,000 shares of stock at an average purchase price of $5.71, for a total of $114,200. This brought Wickens’ direct share ownership to 1,699,891 shares, for a value of $9.7 million.
When a senior company executive, board member – or in this case, a major shareholder (someone who owns more than 10% of a company) – purchases company shares or other securities, it is referred to as insider buying and is frequently viewed as an indication that those within the company are optimistic about the future value of the company’s share price and the overall growth trajectory of the company.
Purchasing activity from a seasoned hedge fund manager like Wickens would likely be viewed as particularly suggestive of outside optimism for the company, even if Wickens were not an insider. However, Wickens doesn’t represent the only hedge fund interest in Interactive Strength. Block.one, a UK-based investment firm, recently purchased shares of TRNR common stock at $8 per share, bringing its total securities owned to 3.2 million.
The online and digital fitness market has grown significantly since the pandemic, with the U.S. representing the largest segment of the online fitness market. According to the Company’s research, they believe the total addressable market (TAM) includes nearly 10 million households, representing a total potential market of $18 billion.
Learn more about Interactive Strength Inc. by visiting their website.
Featured photo by Tech Daily on Unsplash.
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
