When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.
The Trade: CommScope Holding Company, Inc. COMM Director Claudius Watts IV acquired a total of 65000 shares at an average price of $9.79. To acquire these shares, it cost $636,300.50.
What’s Happening: CommScope recently reported worse-than-expected Q3 results..
What CommScope Does: CommScope Holding provides infrastructure services for communications networks. It helps customers increase bandwidth, maximize existing capacity, improve network performance and availability, and simplify technology migration.
The Trade: Medifast, Inc. MED Director Jeffrey Brown acquired a total of 4199.898 shares at an average price of $231.89. To acquire these shares, it cost $973,910.80.
What’s Happening: The company recently reported upbeat quarterly earnings.
What Medifast Does: Medifast is a US-based company that produces, distributes and sells products concerning weight loss, weight management, and healthy living.
The Trade: IO Biotech, Inc. IOBT 10% owner Novo Holdings As bought a total of 3277932 shares at an average price of $14.00. The insider spent $4,550,000.00 to buy those shares.
What’s Happening: The company recently priced its IPO at $14 per share.
What IO Biotech Does: IO Biotech Inc is a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies based on T-win technology platform.
The Trade: Dominion Energy, Inc. D Chair, President and CEO Robert Blue bought a total of 3320.6881 shares at an average price of $75.29. The insider spent $249,998.00 to buy those shares.
What’s Happening: The company recently reported better-than-expected Q3 earnings.
What Dominion Energy Does: Based in Richmond, Virginia, Dominion Energy is an integrated energy company with approximately 30 gigawatts of electric generation capacity and more than 93,000 miles of electric transmission and distribution lines.
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