Insiders at companies such as Ford were buying big during this week's market rally

Published Fri, Dec 15 202310:00 AM ESTUpdated Fri, Dec 15 202310:33 AM EST

Stocks have rallied this week, with the major averages headed for their seventh straight week in the green, and investors are betting this momentum will continue moving forward. The S & P 500 is up 2.5% week to date, while the Dow Jones Industrial Average has gained 2.8%. The Nasdaq Composite is on pace to end the week 2.5% higher. Insider buying by corporate executives and board members is generally considered as a sign of an underappreciated company. These executives pick up shares of the company, beyond those included in their compensation, when they think Wall Street is underappreciating the company's price or quality. CNBC Pro screened for the U.S. companies with the biggest purchases filed over the past week, excluding funds that are listed as directors, according to VerityData. Each of these names have at least $1 billion in market cap. According to securities filings, a top executive of Ford Motor bought a chunk of shares this week. Chief Electric Vehicle, Digital and Design Officer Doug Field purchased roughly 182,000 shares for $2.01 million. The auto manufacturer had announced Monday that it is cutting its F-150 Lightning production by half in 2024, as the EV industry reduces investments due to slower sales growth. Ford's stock price is up 9.7% this week, and higher by 3.9% for the year. Shares were down about 1% Friday. F YTD mountain Ford stock. Buying of Akero Therapeutics continued for the second week in a row. Shares of the clinical-stage biotechnology company have lost more than 58% this year, and director Graham Walmsley just bought another 100,000 shares for $1.98 million. During the first week of December, Walmsley had purchased 100,000 shares for $1.69 million. The shares are held by Logos Master Fund, a biotechnology-focused hedge fund of which Walmsley is a managing member. Akero is developing a treatment for nonalcoholic steatohepatitis, or NASH, that could work with GLP-1 drugs such as Novo Nordisk's Ozempic. The stock is trading 2% higher Friday. Here are some other insider favorites: Grindr : Director George Raymond Zage bought 140,000 shares $1.07 million. Union Pacific : CEO Vincenzo Vena bought 4,500 shares of the railroad holding company for $999,000. The trade was completed Nov. 21, but not filed with the U.S. Securities and Exchange Commission until Monday due to an "administrative error." Ryman Hospitality : Executive chair Colin Reed bought 19,300 shares for about $2.04 million. Terex : Director David Sachs purchased 50,000 shares of the materials manufacturer for $2.55 million. The shares are held by a family LLC. Heartland Express : CEO Michael Gerdin bought 82,500 shares for $1.15 million, which are being held in a trust. While shares of Heartland and Ford are down about 5% and 4%, respectively, this quarter, other companies on the list, including Grindr and Union Pacific, have steadily advanced during the same period. Grindr's stock has soared more than 83% this year and is up about 25% in December alone. Terex and Ryman, meanwhile, have each gained more than 34% in 2023.