More Than $2M Bet On Red Robin Gourmet Burgers? Check Out These 4 Stocks Insiders Are Buying

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.

Asana

• The Trade: Asana, Inc. ASAN President, CEO and Chair Dustin Moskovitz acquired a total of 160,000 shares an average price of $21.74. To acquire these shares, it cost around $3.48 million.
• What’s Happening: Asana announced intelligent product capabilities that revolutionize how PMO teams drive strategic alignment and build smarter enterprise processes that scale.
• What Asana Does: Asana Inc is a software company. The company provides a platform for work management that helps teams orchestrate work, from daily tasks to cross-functional strategic initiatives. It helps plan marketing campaigns, streamlines processes, manages sales, and manage product launches.

Impinj

• The Trade: Impinj, Inc. PI Director Patrick Daniel Gibson acquired a total of 74,771 shares at an average price of $59.49. To acquire these shares, it cost around $4.45 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.

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Wolfspeed

• The Trade: Wolfspeed, Inc. WOLF Director Duy-Loan Le bought a total of 5,000 shares at an average price of $47.01. To acquire these shares, it cost around $235,068.
• What’s Happening: Wolfspeed reported mixed fourth-quarter financial results and issued first-quarter adjusted EPS guidance below estimates.
• What Wolfspeed Does: Wolfspeed Inc is involved in the manufacturing of wide bandgap semiconductors. It is focused on silicon carbide and gallium nitride materials and devices for power and radio-frequency (RF) applications.

Check This Out: Top 5 Materials Stocks You'll Regret Missing This Quarter

Red Robin Gourmet Burgers

• The Trade: Red Robin Gourmet Burgers, Inc. RRGB 10% owner Constantinos Christofilis bought a total 212,536 shares at an average price of $10.46. The insider spent around $2.22 million to buy those shares. The company’s President and CEO also bought 25,000 shares of the company.
• What’s Happening: Red Robin Gourmet Burgers reported a narrower-than-expected second-quarter loss.
• What Red Robin Gourmet Burgers Does: Red Robin Gourmet Burgers Inc is a restaurant operator. The company develops, operates, and franchises casual-dining restaurants and fast-casual restaurants in North America.