Many people around the world have made investments in artificial intelligence stocks over the last year. When a member of Congress buys shares of a $7 billion AI-related company, investors likely take notice.
When that person is also on the subcommittee of artificial intelligence, the trade gets flagged as needing more attention.
Congressman Buys AI Stock
Rep. Josh Gottheimer (D-N.J.) is no stranger to buying and selling stocks and options, with many trades previously tracked and reported by Benzinga's Government Trades page.
The congressman recently disclosed several stock transactions. Here's the list.
Oct. 20: Sold $1,000 to $15,000 in 3M Company (NYSE:MMM) shares
Oct. 17: Buy $1,000 to $15,000 in Nice Ltd. (NASDAQ:NICE) shares
Oct. 17: Buy $1,000 to $15,000 in NetEase Inc (NASDAQ:NTES) shares
Oct. 16: Sell $1,000 to $15,000 in Intercontinental Exchange Inc (NYSE:ICE) shares
The transactions were all small in size and the first disclosed by the congressman in over a month.
One trade, in particular, stands out: Nice Ltd., a smaller company with a market capitalization of about $7 billion. Its shares sit at five-year lows, and the company is headquartered in Israel — factors that make the move notable.
What also drew notice is the fact that no members of Congress have bought the stock in the past, combined with Gottheimer's committee assignments.
"A purchase of an AI customer relations company called $NICE. It's the first time we've seen a member of Congress buy the stock," Quiver Quantitative tweeted of the trade disclosure.
Benzinga reached out to Gottheimer for comment and did not hear back.
Gottheimer currently serves on the Committee on Financial Services and the Permanent Select Committee on Intelligence. The congressman also serves on the Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence and the Subcommittee on National Security Agency and Cyber.
Nice is an AI-powered cloud platform company that provides services for customer engagement and financial crime and compliance. The company has a 10-year deal with the Federal Aviation Administration, making it a partner with the government.
Gottheimer's role on committees involving AI and national security could make the transaction questionable and one worth watching if the company lands more government deals in the future.
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Nice Hits 5-Year Lows
Gottheimer's purchase of Nice stock may come at a great time with shares near five-year lows. The company recently reported third-quarter results that led to analysts cutting their price targets.
The company reported earnings per share of $3.18, in line with analyst estimates. Revenue of $732 million beat a Street consensus estimate of $729 million for the quarter.
The company has beaten analyst estimates for earnings per share in seven of the past 10 quarters and beaten revenue estimates in seven of the last 10 quarters.
Nice reported cloud revenue up 13% quarter-over-quarter in the third quarter, with strong momentum reported.
The company raised its full-year revenue outlook, while lowering its earnings per share guidance.
Gottheimer's Trading History
Gottheimer has been one of the most active traders in Congress and one of the highest by dollar value, with tens of millions in trades each of the past several years.
In 2023, Gottheimer was flagged in an Unusual Whales annual report tracking Congress, with four of the top 10 best trades of the year. The congressman sold Meta Platforms shares at least twice, locking in gains of over 100% each time. A sale of Monster Beverage shares also returned over 100%. The congressman had a gain of more than 50% selling Nvidia stock in 2023.
Along with his political history, Gottheimer was also a former strategist for Microsoft. The congressman has often traded stock and options in Microsoft.
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