Although US stocks closed higher on Friday, 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.
Southwest Gas Holdings
- The Trade: Southwest Gas Holdings, Inc. SWX 10% owner Icahn Partners Master Fund LP acquired a total 224,812 shares an average price of $57.41. To acquire these shares, it cost around $12.91 million.
- What’s Happening: Southwest Gas posted upbeat quarterly results.
- What Southwest Gas Does: Southwest Gas Holdings Inc is a utility company primarily engaged in the purchasing, distributing, and transporting of natural gas in the American Southwest.
- The Trade: RenaissanceRe Holdings Ltd. RNR Director, Pres & Chief Executive Officer Kevin Odonnell acquired a total of 13,020 shares at an average price of $192.00. To acquire these shares, it cost around $2.5 million.
- What’s Happening: RenaissanceRe reported a public offering of 6.3 million common shares.
- What RenaissanceRe Holdings Does: RenaissanceRe Holdings Ltd provides reinsurance and insurance solutions and related services.
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- The Trade: ProFrac Holding Corp. ACDC 10% owner Dan Wilks bought a total of 734,140 shares at an average price of $12.01. To acquire these shares, it cost around $8.82 million.
- What’s Happening: ProFrac Holding posted downbeat quarterly results.
- What ProFrac Holding Does: ProFrac Holding Corp is engaged in providing hydraulic fracturing, completion services, and other complementary products and services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources.
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