It would appear that Hercules Offshore, Inc. (NASDAQ:HERO)’s insiders are gaining certainty on taking advantage of the company’s very recent stock price drop, as Director Thomas Bates purchased 20,000 shares of Common Stock, directly, today. The stock was sold at a price of $3.93 per share, which is even lower than the $4.01 per share that Chief Executive Officer and President of Hercules, John Rynd, paid in his stock acquisition reported yesterday. The CEO took advantage of his firm’s low stock price and acquired 36,000 shares of Common Stock.
This acquisition trend is bound to continue, as Goldman Sachs’ downgraded rating has already dropped the $643.5 million market cap firm’s stock price target by almost $1 (currently at $3.60) since Monday. In terms of quarterly hedge fund support, Hercules Offshore looks solid, with Chuck Royce’s Royce & Associates holding $2.45 million shares, worth $11.2 million, and Jim Simons’ hedge fund, Renaissance Technologies owning 2.4 million shares, with a value of $11 million, amongst others.