Although US stocks closed mostly higher 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: Coinbase Global, Inc. COIN Director Tobias Lutke acquired a total of 5,577 shares at an average price of $67.95. To acquire these shares, it cost around $378.96 thousand.
- What’s Happening: Barclays recently initiated coverage on Coinbase Global with an Equal-Weight rating and announced a price target of $80.
- What Coinbase Global Does: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States.
- The Trade: Insight Enterprises, Inc. NSIT 10% owner ValueAct Holdings GP, LLC acquired a total of 69,313 shares at an average price of $91.35. To acquire these shares, it cost around $6.33 million.
- What’s Happening: The company, last month, posted Q2 results.
- What Insight Enterprises Does: Insight Enterprises Inc is a Fortune 500 global IT provider primarily engaged in helping businesses of all sizes, large enterprises, governments, schools, and health care organizations.
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B. Riley Financial
- The Trade: B. Riley Financial, Inc. RILY Chairman and Co-CEO Bryant R Riley bought a total of 50,000 shares at an average price of $49.46. To acquire these shares, it cost around $2.47 million.
- What’s Happening: B. Riley Financial, during July, posted a Q2 loss of $4.36 per share.
- What B. Riley Financial Does: B. Riley Financial Inc is a diversified financial services company.
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