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TSMC insiders buy nearly $800,000 after Q2 earnings pullback
InsiderTrades data shows more than 30 buys since early July, as analysts firmed to a mostly Buy stance and TSMC shares fell about 20% after the July report.
Taiwan Semiconductor insiders have been buying shares after the company’s Q2 earnings report, with MarketBeat Ratings citing InsiderTrades data showing over 30 insider buys since early July and total buying of nearly $800,000.
The outlet notes that while insider activity can be affected by share based compensation and option timing, the purchases appear broad based across the C suite and enterprise leadership and include the CEO, CFO, COO, multiple SVPs and VPs, and several directors.
MarketBeat Ratings links the buying trend to a shift in analyst sentiment after the pullback. It says the consensus rating for TSMC ADRs strengthened to Buy, with 15 of 16 tracked ratings on the buy side as of early August, including 12 Buy and three Strong Buy ratings.
The report also points to the post earnings price drop, saying the stock shed about 20% following the July results, while support held and analysts’ consensus targets imply roughly 24% upside from critical support levels.