$12.5M Bet On Energy Transfer? Check Out These 4 Stocks Insiders Are Buying

Although US stocks closed higher on Wednesday, 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.

Luminar Technologies

  • The Trade: Luminar Technologies, Inc. LAZR Director, Chairperson, President & CEO Austin Russell acquired a total 1,475,685 shares an average price of $6.03. To acquire these shares, it cost around $8.9 million.
  • What’s Happening: Luminar Technologies reported a wider-than-expected first-quarter loss.
  • 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.

Royalty Pharma

  • The Trade: Royalty Pharma plc RPRX Director, CEO, Chairman of the Board Pablo G Legorreta acquired a total of 230,000 shares at an average price of $33.38. To acquire these shares, it cost around $7.68 million.
  • What’s Happening: Royalty Pharma reported mixed first-quarter financial results.
  • What Royalty Pharma Does: Royalty Pharma PLC is a buyer of biopharmaceutical royalties and a funder of innovation across the biopharmaceutical industry.

Don’t forget to check out our premarket coverage here

Paramount Global

  • The Trade: Paramount Global PARA Director Shari Redstone bought a total of 165,000 shares at an average price of $15.06. To acquire these shares, it cost around $2.49 million.
  • What’s Happening: Paramount Global reported worse-than-expected first-quarter financial results and cut its quarterly dividend.
  • What Paramount Global Does: Paramount Global is the rebranded recombination of CBS and Viacom that has created a media conglomerate with global scale.

Energy Transfer

  • The Trade: Energy Transfer LP ET Executive Chairman Kelcy Warren bought a total 1,000,000 shares at an average price of $12.49. The insider spent around $12.49 million to buy those shares.
  • What’s Happening: Energy Transfer reported worse-than-expected first-quarter results.
  • What Energy Transfer Does: Energy Transfer owns a large platform of crude oil, natural gas, and natural gas liquid assets primarily in Texas and the U.S. midcontinent region.

Check This Out: Top 5 Consumer Stocks That May Plunge This Quarter

Market News and Data brought to you by Benzinga APIs
Posted In: Long IdeasNewsInsider TradesPre-Market OutlookMarketsTrading IdeasInsider Buying
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!