Although US stocks closed mostly higher on Tuesday, 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.

Zumiez

• The Trade: Zumiez Inc. (NASDAQ:ZUMZ) CEO Miles Richard Brooks acquired a total of 74,930 shares an average price of $13.57. To acquire these shares, it cost around $1.02 million.
• What’s Happening: Zumiez will be replaced in the S&P SmallCap 600.
• What Zumiez Does: Zumiez Inc is a United-States-based specialty retailer engaged in the sale of apparel, footwear, accessories, and hardgoods.

Safety Insurance Group

• The Trade: Safety Insurance Group, Inc. (NASDAQ:SAFT) 10% owner Plymouth Rock Co Inc acquired a total of 26,797 shares at an average price of $73.73. To acquire these shares, it cost around $1.98 million.
• What’s Happening: The company posted a net loss of $12.3 million for the quarter ended March 31, 2023, versus year-ago net income of $7.8 million.
• What Safety Insurance Group Does: Safety Insurance Group Inc is a provider of private passenger automobile insurance in Massachusetts.

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Hibbett

• The Trade: Hibbett, Inc. (NASDAQ:HIBB) SVP General Counsel David M. Benck bought a total of 2,000 shares at an average price of $36.09. To acquire these shares, it cost around $72.18 thousand.
• What’s Happening: Hibbett reported first-quarter FY23 sales growth of 7.4% year-on-year to $455.50 million.
• What Hibbett Does: Hibbett Inc is engaged in the retail of sports goods. The company operates small to midsize stores and focuses its business on the South, Southwest, mid-Atlantic, and Midwest areas of the country.

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