Intel
exited an investment in an on-demand video-products firm and trimmed a position in a maker of flying cars.
The big chip manufacturer (ticker: INTC) sold all its
Kaltura
stock (KLTR) in the second quarter, and pruned about a tenth of a stake in
Joby Aviation
(JOBY). Intel disclosed the trades, among others, in a form it filed with the Securities and Exchange Commission.
Intel didn’t respond to a request for comment on the investment changes.
Kaltura, which went public in July 2021, provides a technology platform that powers video town halls, webinars, and virtual meetings and classrooms. Kaltura stock dove 49% in 2022—the same percentage drop as Intel’s. Kaltura and Intel shares also traded similarly in the first half of 2023, gaining 23% and 27%, respectively.
Nonetheless, Intel exited its Kaltura stock in the second quarter. At the end of the first quarter, it had 2.5 million Kaltura shares.
Joby went public in August 2021 by merging with a special-purpose acquisition company, or SPAC. It is developing an all-electric vertical take-off and landing, or eVTOL, aircraft. In late June, Joby received a special air-worthiness certificate from the Federal Aviation Administration, which means Joby can start test-flying its prototype eVTOLs.
The approval sent Joby stock flying. It ended the first half of 2023 with a 200% gain. Shares had plunged 54% in 2022 as investors lost appetite for companies that had used SPAC mergers to go public.
Intel sold 3.6 million Joby shares to end the second quarter with 36.8 million shares.
Intel’s stock sales seem prescient as August begins. Since the end of the second quarter, Kaltura stock has lost 7%, while Joby stock has fallen 15%. Intel stock, meanwhile, has gained 7%.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow @BarronsEdLin.
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