Marjorie Taylor Greene Buys Cybersecurity Stock Owned By Nancy Pelosi: Why Trade Could Draw Red Flags
They’re far from friends, but Rep. Marjorie Taylor Greene (R-Ga.) may be following Former Speaker of the House Nancy Pelosi‘s (D-Calif.) lead when it comes to stock trading.
What Happened: Greene recently reported several transactions ranging in size from $1,000 to $15,000, as viewed on Benzinga's Government Trades page. The companies included:
- CrowdStrike Holdings Inc (NASDAQ:CRWD)
- NextEra Energy (NYSE:NEE)
- Nestle (OTC:NSRGY)
- Lululemon Athletica (NASDAQ:LULU)
- Costco Wholesale (NASDAQ:COST)
- ASML Holding NV (NASDAQ:ASML)
Most of the stocks are well-known companies, but the CrowdStrike trade may draw scrutiny.
"Pelosi and Marjorie Taylor Greene may not agree on much, but they have both bought CrowdStrike $CRWD stock. Here's to bipartisan cooperation on something," CongressTrading tweeted.
The congress trading tracking account shared an old tweet of Pelosi reporting buying $500,000 to $1 million worth of CrowdStrike shares on Sept. 3, 2020.
The original filing from Pelosi showed 5,000 shares were purchased. CrowdStrike shares hit a high of $129.95 on Sept. 3, 2020, meaning the stock is up around 200% over the last three-plus years.
Pelosi has not exited the position, according to filings.
Read Also: 10 Best Stock Traders In Congress In 2023 (Spoiler: Nancy Pelosi Has Reentered The Chat)
Why It's Important: Calls to ban Congressional members from trading stocks continue to grow louder.
Pelosi has defended her right to trade, so long as the activity is disclosed.
While Greene and Pelosi both being long the same stock will draw headlines, there's also the red flag based on Greene’s committee assignments. Turns out, the Donald Trump ally is a member of the Subcommittee on Cybersecurity, Information Technology, and Government Innovation, which operates under the House Committee on Oversight and Accountability.
As a member of the subcommittee, Greene could have direct knowledge of government contracts, upcoming funding for the cybersecurity sector and any details on breaches that are worrisome to the country's government.
Greene’s recent purchases also come after a long period of inactivity.
The increased interest in Congress trading has led to several ETFs being created. The Series Portfolios Trust Unusual Whales Subversive Republican Trading ETF (BATS:KRUZ) and Series Portfolios Trust Unusual Whales Subversive Democratic Trading ETF (BATS:NANC) track the activity of Republican and Democratic members of Congress respectively.
A new ETF is also on the way from Tuttle Capital that will combine trades from both parties and base holdings on the trading accuracy and performance of members of Congress and their committee assignments.
CRWD Price Action: CrowdStrike shares trade at $389.69 versus a 52-week trading range of $139.37 to $394.64. CrowdStrike stock is up 170% over the last year.
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