Although the Dow Jones dropped more than 700 points on Thursday, 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 824,156 shares at at an average price of $14.83. To acquire these shares, it cost around $12.22 million.
- What’s Happening: HireRight recently upsized revolving credit facility to $145 million.
- What HireRight Holdings Does: HireRight Holdings Corp is a global provider of technology-driven workforce risk management and compliance solutions.
- The Trade: Ares Capital Corporation ARCC Executive Vice President Michael Arougheti acquired a total of 300,000 shares at an average price of $17.75. To acquire these shares, it cost around $5.33 million.
- What’s Happening: The company’s stock has tumbled around 18% since the start of the year.
- What Ares Capital Does: Ares Capital Corp is a United States-based closed-ended specialty finance company. Its investment objective is to generate both current income and capital appreciation through debt and equity investments.
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- The Trade: Newmark Group, Inc. NMRK Chairman Howard W Lutnick bought a total of 329,000 shares at an average price of $9.11. To acquire these shares, it cost around $3 million.
- What’s Happening: The company, in April, posted upbeat Q1 earnings.
- What Newmark Group Does: Newmark Group Inc is a commercial real estate advisory firm. It offers services, including leasing and corporate advisory services, investment sales, commercial mortgage brokerage, appraisal and valuation, project management, and property, among others.
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