Although U.S. 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.

Impinj

• The Trade: Impinj, Inc. (NASDAQ:PI) Director Patrick Daniel Gibson acquired a total of 48,171 shares an average price of $58.45. To acquire these shares, it cost around $2.82 million.
• What’s Happening: Impinj posted upbeat second-quarter results.
• What Impinj Does: Impinj Inc operates a platform that enables wireless connectivity to everyday items by delivering each item's identity, location, and authenticity to business and consumer applications.

Funko

• The Trade: Funko, Inc. (NASDAQ:FNKO) 10% owner Chan Kenneth Hsiangtze acquired a total of 71,247 shares at an average price of $6.21. To acquire these shares, it cost around $442,665.
• What’s Happening: Funko reported a second-quarter earnings miss and issued weak guidance.
• What Funko Does: Funko Inc is an US-based pop culture consumer products company. It creates whimsical, fun, and different products which enable the customer to express their affinity for their favorite through the movie, TV show, video game, musician, or sports team.

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