Insider Purchases & Buybacks: ALY

Earlier this month, Wachovia downgraded its rating for ALY from "outperform" to "market perform." Analyst Brad Handler said the company's "ambitious strategy, management missteps ... and the scramble required to make the most of the challenging near-term environment in the U.S. (including the Gulf of Mexico) make us uncomfortable with near-term risk/reward."

Perhaps because of the recent turmoil, some funds have reduced their stakes in the company. You can see a list of investment funds that own the company at Stockpickr.com. A few of the names that have lightened their exposure are:

Oberweis Asset Management is managed by Jim Oberweis, who writes the "Small Stocks" column in Forbes. The fund also owns Id System (IDSY - commentary - Cramer's Take), Kenexa (KNXA - commentary - Cramer's Take) and Focus Media (FMCN - commentary - Cramer's Take).

Straus Capital Management is another and also owns PetSmart (PETM - commentary - Cramer's Take), Harris (HRS - commentary - Cramer's Take) and Continental Airlines (CAL - commentary - Cramer's Take).

The company has a P/E 7.24 and its shares have declined almost 30% over the past 12 months. However, with ALY still facing a great deal of uncertainly, you may be better off waiting until there is more clarity with this company.

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At the time of publication, Raznick had no positions in the stocks mentioned, although positions may change at any time.

Jason Raznick is president of Easy Stock Alerts and has been involved with the capital markets for several years. He has worked for Merrill Lynch, Dynamis and Tricap Holdings, a joint venture with Fortress Investment Group. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Raznick appreciates your feedback; click here to send him an email.