Jack Ross, the Chief Executive Officer of Synergy CHC Corp. (NASDAQ:SNYR), recently made a substantial move in the market, significantly increasing his stake in the company. This noteworthy transaction signals strong confidence from the top brass in the firm’s future trajectory and inherent value.
On Friday, June 20th, Ross acquired 10,300 shares of Synergy CHC stock at an average price of $2.60 per share, culminating in a total investment of $26,780.00. This strategic acquisition pushed his direct ownership to an impressive 395,057 shares, now valued at over $1 million, specifically $1,027,148.20.
This primary purchase on June 20th was not an isolated event but part of a discernible pattern of sustained insider buying. Over the subsequent weeks in July, regulatory filings reveal that Ross continued to incrementally bolster his position through a series of smaller, yet consistent, acquisitions.
For instance, late July saw multiple purchases including 100 shares on July 30th at $3.69, 250 shares on July 29th at $3.66, and 350 shares on July 25th at $3.90. These transactions, alongside others in early to mid-July involving larger blocks of shares, underscore a continued belief in Synergy CHC’s prospects despite varying price points.
The company’s stock performance has shown dynamic movement, opening at $3.36 on a recent Friday. Its fifty-day moving average currently stands at $2.83, while the 200-day moving average is $2.29. Synergy CHC Corp. has experienced significant volatility, with its fifty-two week low at $0.36 and a fifty-two week high reaching $10.00.
Beyond individual insider activity, institutional investors have also adjusted their holdings in Synergy CHC. Paloma Partners Management Co initiated a new stake worth approximately $97,000 in the fourth quarter, while Gratia Capital LLC similarly purchased a new position valued at around $466,000.
Furthermore, Sanders Morris Harris LLC demonstrated increasing confidence by raising its position in Synergy CHC shares by 3.4% during the first quarter. This firm now holds 391,485 shares, valued at $920,000, following an additional purchase of 12,930 shares, highlighting a broader institutional interest in the company’s potential.
Synergy CHC Corp., founded in December 2010 and headquartered in Westbrook, ME, specializes in the marketing and distribution of branded health and wellness products. The consistent insider buying by its CEO, coupled with institutional movements, often serves as a powerful indicator of internal optimism regarding a company’s future growth and valuation.
