Over $14 Million Bet On This Industrial Distribution Stock? 3 Stocks Insiders are Buying

Over $14 Million Bet On This Industrial Distribution Stock? 3 Stocks Insiders are Buying

Although US stocks closed mixed on Thursday following the release of producer price index, 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.

MSC Industrial Direct

  • The Trade: MSC Industrial Direct Co., Inc. MSM Director Mitchell Jacobson acquired a total of 200,000 shares at an average price of $72.25. To acquire these shares, it cost around $14.45 million.
  • What’s Happening: MSC Industrial Direct recently reported third-quarter FY22 sales growth of 10.7% year-over-year to $958.6 million, missing the consensus of $960.52 million.
  • What MSC Industrial Direct Does: MSC Industrial Direct is one of the largest industrial distributors with a focus on metalworking and maintenance, repair, and operations products and services.

Lazydays Holdings

  • The Trade: Lazydays Holdings, Inc. LAZY 10% owner Bryant Riley acquired a total of 10,127 shares at an average price of $12.02. To acquire these shares, it cost around $121.73 thousand.
  • What’s Happening: The company’s stock declined 9% over the past month.
  • What Lazydays Does: Lazydays Holdings Inc operates recreational vehicle dealerships. It provides various products, including RV sales, RV services, financing and insurance products, RV parts and accessories, RV rentals, third-party protection plans, and RV camping for RV owners.

Don’t forget to check out our premarket coverage here .

Also check this: Why Is Pinterest Higher By 14%? 20 Stocks Moving In Friday's Pre-Market Session

Rent-A-Center

  • The Trade: Rent-A-Center, Inc. RCII Director Jeffrey Brown bought a total of 1,223 shares at an average price of $20.69. To acquire these shares, it cost around $25.3 thousand.
  • What’s Happening: Stephens & Co. recently downgraded Rent-A-Center from Overweight to Equal-Weight and announced a $42 price target.
  • What Rent-A-Center Does: Rent-A-Center Inc offers rent-to-own purchasing options for appliances, computers, smartphones, furniture, and related items.

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