Although the Dow Jones jumped around 575 points on Friday, there were a few notable insider trades.
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: HireRight Holdings Corporation HRT 10% owner Stone Point GP Ltd acquired a total of 237,093 shares at at an average price of $14.08. To acquire these shares, it cost around $3.34 million.
- What’s Happening: HireRight recently reported better-than-expected Q1 results and raised FY22 guidance.
- What HireRight Does: HireRight Holdings Corp is a global provider of technology-driven workforce risk management and compliance solutions.
- The Trade: Kodiak Sciences Inc. KOD Director Felix Baker acquired a total of 350,406 shares at an average price of $6.75. To acquire these shares, it cost around $2.36 million.
- What’s Happening: Goldman Sachs recently maintained Kodiak Sciences with a Neutral and lowered the price target from $7 to $5.
- What Kodiak Sciences Does: Kodiak Sciences Inc is is a biopharmaceutical company specializing in novel therapeutics to treat high-prevalence retinal diseases.
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- The Trade: ITT Inc. ITT Director Timothy H Powers bought a total of 6,000 shares at an average price of $69.48. To acquire these shares, it cost around $416.87 thousand.
- What’s Happening: The company recently posted upbeat quarterly sales.
- What ITT Does: ITT is a diversified industrial conglomerate with nearly $3 billion in sales. After the spinoffs of Xylem and Exelis in 2011, the company's products primarily include brake pads, shock absorbers, pumps, valves, connectors, and switches.
- The Trade: Carnival Corporation CCL Director Randall J Weisenburger bought a total of 100,000 shares at an average price of $11.76. The insider spent around $1.18 million to buy those shares.
- What’s Happening: Carnival recently priced the private offering of $1.0 billion of 10.5% senior unsecured notes due 2030.
- What Carnival Does: Carnival is the largest global cruise company, with 91 ships in its fleet at the end of fiscal 2021, with all of its capacity set to be redeployed by summer 2022.
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