Macerich (NYSE:MAC) is real estate investment trust, or REIT. It acquires, manages and develops shopping centers throughout the United States.
Some analysts have attributed the share price to the ongoing issues of traditional “brick and mortar” stores suffering from the Amazon (NASDAQ:AMZN) effect. After all, if retail store outlets aren’t doing well, they will be closing, and this will in turn have a negative affect on malls and shopping centers.
The stock of MAC has lost over 40% of its value over the past year. But two of its insiders think the selloff is overdone because they just made significant investments.
Edward Coppola is the president of Macerich. He just invested $165,000 when he paid $32.88 for 5,000 shares. And Andrea Stephen is a director. She just bought 20,000 share at around $32.50. This is an investment of $650,000! Each of these insiders apparently believes that MAC has great future prospects.
Trader Georgi Bozhidarov