Although US stocks closed slightly higher on Wednesday, 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.
Bed Bath & Beyond
- The Trade: Bed Bath & Beyond Inc. BBBY Interim CEO Sue Gove acquired a total of 50,000 shares at an average price of $4.61. To acquire these shares, it cost around $230.5 thousand. Board member Harriet Edelman disclosed the purchase of 10,000 shares, while Jeff Kirwan, who also sits on Bed Bath & Beyond's board, also disclosed the purchase of 10,000 shares. The company’s shares gained more than 8% in pre-market trading following the news.
- What’s Happening: Bed Bath & Beyond recently reported worse-than-expected Q1 EPS and sales results.
- What Bed Bath & Beyond Does: Bed Bath & Beyond is a home furnishings retailer, operating 955 stores in all 50 states, Puerto Rico, Canada, and Mexico. Stores carry an assortment of branded bed and bath accessories, kitchen textiles, and cooking supplies.
- The Trade: SecureWorks Corp. SCWX 10% owner Neil Gagnon acquired a total of 25,711 shares at an average price of $11.02. To acquire these shares, it cost around $283.22 thousand.
- What’s Happening: The company, last month, posted upbeat Q1 results.
- What SecureWorks Does: SecureWorks Corp is a provider of intelligence-driven information security solutions exclusively focused on protecting its clients from cyber-attacks.
Don’t forget to check out our premarket coverage here .
- The Trade: Hooker Furnishings Corporation HOFT Director Henry G. Williamson Jr. bought a total of 4,225 shares at an average price of $15.70. To acquire these shares, it cost around $66.33 thousand.
- What’s Happening: Hooker Furnishings, last month, reported a first-quarter FY23 sales decline of 9.5% year-on-year to $147.3 million, beating the consensus of $145.35 million.
- What Hooker Furnishings Does: Hooker Furnishings formerly Hooker Furniture is a designer, marketer, and importer of case goods, leather furniture, and fabric-upholstered furniture for the residential, hospitality, and contract markets.
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