Although US stocks closed mixed on Friday following the release of June’s jobs report, 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: Rocket Companies, Inc. RKT CEO Jay Farner acquired a total of 46,000 shares at an average price of $8.68. To acquire these shares, it cost around $399.28 thousand.
- What’s Happening: Wells Fargo recently upgraded the stock from Equal-Weight to Overweight and announced a $10 price target.
- What Rocket Companies Does: Rocket Companies is a financial services company that was originally founded as Rock Financial in 1985 and is currently based in Detroit.
- The Trade: Earthstone Energy, Inc. ESTE Director Jay F. Joliat acquired a total of 20,237 shares at an average price of $11.66. To acquire these shares, it cost around $235.96 million.
- What’s Happening: RBC Capital recently downgraded Earthstone Energy from Outperform to Sector Perform.
- What Earthstone Energy Does: Earthstone Energy Inc is an independent oil and natural gas development and production company.
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Schnitzer Steel Industries
- The Trade: Schnitzer Steel Industries, Inc. SCHN Director Wayland Hicks bought a total of 2,000 shares at an average price of $30.85. To acquire these shares, it cost around $61.7 thousand.
- What’s Happening: The company recently posted upbeat Q3 results.
- What Schnitzer Steel Does: Schnitzer Steel Industries is one of the largest ferrous and nonferrous scrap metal recyclers in the U.S.
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