There are two streams of revenue here - background checks on new employees and ongoing monitoring of existing - clearly in a recession both come down but the latter much less. Each of the names also has somewhat different industry exposure as well. Would not surprise me to see PE arrange a sale to another of their funds or another PE shop as their exit
Maybe, but does that make sense in this case if the PE firms were separately buying more in the open market just a few months ago at higher prices than current?
There are two streams of revenue here - background checks on new employees and ongoing monitoring of existing - clearly in a recession both come down but the latter much less. Each of the names also has somewhat different industry exposure as well. Would not surprise me to see PE arrange a sale to another of their funds or another PE shop as their exit
Don't buybacks actually make it easier for PE firms to exit because they can just sell into the buyback flow?
Agreed. Is there a way to track how much if the buybacks are reducing PE ownership?
Maybe, but does that make sense in this case if the PE firms were separately buying more in the open market just a few months ago at higher prices than current?
Thanks Andrew.
Looks like Rjc Gis Holdings LLC is selling and looking for a partial or full exit? @humongousboy may be right.
http://openinsider.com/hrt
I've checked the other two. I don't see much insider buying except for HRT in 2022.
I wonder if these companies are integrating AI already?