Although US stocks closed lower 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: WESCO International, Inc. WCC 10% owner GEI Capital VII, LLC acquired a total of 107,098 shares an average price of $113.98. To acquire these shares, it cost around $12.21 million.
- What’s Happening: Wesco International recently announced an agreement to acquire Rahi Systems for $217 million.
- What WESCO International Does: Wesco International is a value-added industrial distributor that has three reportable segments, electrical and electronic solutions, communications and security solutions, and utility and broadband solutions.
- The Trade: The Joint Corp. JYNT 10% owner Jefferson Gramm acquired a total of 72,467 shares at an average price of $15.82. To acquire these shares, it cost around $1.15 million.
- What’s Happening: Joint Corp, last month, reported better-than-expected Q2 results.
- What Joint Corp Does: The Joint Corp develops, owns, operates, supports, and manages chiropractic clinics through direct ownership, management arrangements, franchising, and the sale of regional developer rights throughout the United States.
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- The Trade: Coinbase Global, Inc. COIN Director Tobias Lutke bought a total of 5,941 shares at an average price of $65.29. To acquire these shares, it cost around $387.89 thousand.
- What’s Happening: SS&C Technologies Holdings said SS&C Eze has partnered with Coinbase to offer clients access to Coinbase Prime, a leading institutional platform for digital assets.
- What Coinbase Global Does: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States.
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