Hot Stocks: SWIM, CVNA jump as insiders buy stock; ADSK drops on earnings; BYND gets cautious comment

Nikada

Headlines were scarce on Wednesday as Wall Street prepared for the Thanksgiving holiday. Still, the market digested some individual stock stories, including Latham Group (SWIM) and Carvana (NYSE:CVNA), which both rallied on news of insider buying.

Elsewhere, Autodesk (ADSK) declined on earnings news, while Beyond Meat (BYND) felt pressure after a bearish analyst comment.

Gainers

News of insider buying sent Latham Group (SWIM) sharply higher. The stock surged nearly 16% in midday trading after director Mark Laven purchased 15K shares of the company's stock.

A regulatory filing showed that Laven purchased the shares in two equal batches on Nov. 18 and Nov. 21. The prices for the purchases were $2.89 and $2.98. With Wednesday's rally, SWIM jumped to $3.34 by early afternoon action.

Elsewhere, Carvana (CVNA) also received a wave of buying interest as insider buying signaled that company execs have confidence in the beaten-down stock. Shares rose 14% in midday action after regulatory filings showed that Chief Product Officer Daniel Gill purchased about $1M worth of company stock.

Decliners

Autodesk (ADSK) dropped following the release of its quarterly results, sliding by about 5% in midday action. While the company met expectations with its Q3 results, ADSK provided weak billings guidance.

For the full year, the maker of software products used for architecture and engineering predicted billings of $5.57B-$5.67B. For Q4, the company projected non-GAAP EPS of $1.77-$1.83, compared to a consensus of $1.83.

In other news, Beyond Meat (BYND) slipped following a cautious analyst comment. Goldman Sachs reiterated its Sell rating on the maker of plant-based meat substitutes, while slashing its price target on the stock to $5 from $14.

"Cumulative investments in supply chain capacity have run against a sharp deceleration in underlying demand," analyst Adam Samuelson said of BYND.

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