Although US stocks closed mixed 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: Medifast, Inc. MED Director Jeffrey Brown acquired a total of 3,940 shares at an average price of $126.54. To acquire these shares, it cost around $498.55 thousand.
- What’s Happening: The company recently lowered its FY22 guidance.
- What Medifast Does: Medifast Inc is a US-based company that produces, distributes and sells products concerning weight loss, weight management, and healthy living.
Apple Hospitality REIT
- The Trade: Apple Hospitality REIT, Inc. APLE Executive Chairman Glade Knight acquired a total 5,000 shares at an average price of $16.21. To acquire these shares, it cost around $81.05 thousand.
- What’s Happening: The company recently released Q2 results.
- What Apple Hospitality REIT Does: Apple Hospitality REIT Inc is a real estate investment trust that invests in income-producing real estate, primarily in the lodging sector, in the United States.
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- The Trade: Tidewater Inc. TDW Director Robert Robotti bought a total of 560,224 shares at an average price of $17.85. To acquire these shares, it cost around $10 million.
- What’s Happening: Tidewater priced its 3.52 million share public offering of common stock at $17.85 per share
- What Tidewater Does: Tidewater Inc provides offshore service vessels and marine support services to the global offshore energy industry through the operation of a diversified fleet of marine service vessels.
- The Trade: Luminar Technologies, Inc. LAZR Director, Chairperson, President & CEO Austin Russell bought a total of 50,000 shares at an average price of $9.98. The insider spent around $499.11 thousand to buy those shares.
- What’s Happening: Luminar Technologies reported better-than-expected Q2 sales results.
- What Luminar Technologies Does: Luminar Technologies Inc is an autonomous vehicle sensor and software company with the vision to make autonomy safe and ubiquitous by delivering lidar and associated software that meets the industry's stringent performance, safety, and economic requirements.
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