Live Oak Bancshares Inc (-1, LOB US, December 8th)

Steve Smits (Chief Credit Officer since 2015) sold 25,000 shares on December 7th at $35.87, reducing his holdings by -15% to 146,000 shares. This is his first sale since March 2022 and largest since November 2021, both of which were at significantly higher prices ($63 and $94, respectively). 

We ranked this stock -N on November 22nd based on sales from John Sutherland (Chief Accounting Officer since 2014) and Renato Derraik (Chief Digital Officer since 2021) at slightly lower prices. The stock has moved up recently, just enough evidently to spur this sale from Smits. 

We now have 3 key operating officers making meaningful sales and are downgrading the stock further, from -N to -1.

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