Nancy Pelosi Exercises Apple Calls
Nancy Pelosi, representative of the 11th congressional district of California, exercised Apple Inc (AAPL:US) calls on 17th March 2023, as reported in her most recent filing.
She purchased 100 call options on 13th May 2022, with a strike price of $80 and an expiration date of 17th March 2023. On the last day of expiry, she decided to exercise those call options. As a result, she has executed a buy transaction worth $800,000 of Apple stock. As per the most recent closing price, this holding alone is worth $1.65 million.
With this transaction, she has added to her Apple Inc holding, a stock she has traded multiple times in the past few years.
Nancy Pelosi’s buy transaction comes at a time when there is news of insiders dumping their shares. Since her trade, four insiders at Apple have sold a part of their holdings. Most notably, COO Jeffrey Williams has sold nearly $54.85 million worth of Apple stock. CEO Tim Cook has also sold over $18 million worth of stock this week.
While the share price keeps moving higher in the short term, there are some headwinds for the stock. Rising interest rates, a seemingly lack of involvement in the AI race, and lower sales data have analysts thinking that the stock might be in for a correction soon.
