Market Commentary

Langevin Is Trading in Crypto Related and Power Equipment Stocks

Raza Akram · 1 minute read

Jim Langevin, the U.S. representative for Rhode Island's 2nd congressional district since 2001, announced yesterday that he made over 10 trades in October.

The Congressman continues to actively trade Generac Holdings (GNRC:US) shares, his favorite stock for trading by the number of trades made and volume associated. Mr. Langevin, who serves on the House committees for Armed Services and Homeland Security, sold trades of the company that produces backup power generation products on two occasions in October.

Generac shares closed sharply lower in October after the company slashed its full-year guidance to reflect an increasingly challenging macro environment. Elsewhere, the Congressman also sold shares of Block Inc (SQ:US), also one of his favorite stocks for trading, at the end of October.

Still, Block shares trade about 10% higher compared to Langevin’s exit price for the $50,000 - $100,000 worth of sale of shares on October 28. The fintech company reported better-than-expected earnings last week.

More interestingly, the Republican from Rhode Island was both buying and selling shares of Airbnb Inc (ABNB:US) in October. Initially, he sold Airbnb options twice and stock once, all three on different occasions in October before using the pullback in stock to again increase the exposure to this travel company.

On October 27, Mr. Langevin bought between $100,000 - $250,000 worth of Airbnb shares when the closing price was $112.06. The timing was unfortunate as the stock now trades around the $100 handle after the travel company reported weaker-than-expected earnings just a few days after Langevin bought more stock.