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Krispy Kreme Inc (NASDAQ:DNUT) are trading lower by 3.24% this Friday morning, pulling back following strength earlier this week, following the disclosure of a stock purchase by FBI Director Kash Patel. The investment came to light during congressional testimony Wednesday when Rep. Joe Neguse questioned Patel about the transaction.
What To Know: Patel confirmed the purchase of between $15,001 and $50,000 worth of the doughnut company’s stock on May 9. He assured the committee that he receives guidance and approval from the Department of Justice before executing trades to prevent any potential conflicts of interest.
Patel’s disclosure with the Office of Government Ethics reportedly states there is “no current conflict” with his responsibilities at the FBI. The revelation has added to the ongoing discussion in Washington regarding the ethics of stock trading by high-level government officials.
Benzinga Edge Rankings: According to Benzinga Edge rankings, the stock exhibits a weak Growth score of 17.64.
Price Action: According to data from Benzinga Pro, despite Friday’s pullback, DNUT shares are trading higher by 12.5% to $3.56 this week. The stock has a 52-week high of $12.68 and a 52-week low of $2.50.
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Krispy Kreme’s case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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Posted In: DNUT
