Although U.S. stocks closed higher on Thursday, 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.

Howard Hughes

• The Trade: Howard Hughes Holdings Inc (NYSE:HHC) Director William Ackman acquired a total of 98,826 shares an average price of $73.84. To acquire these shares, it cost around $7.3 million.
• What’s Happening: Howard Hughes posted a wider-than-expected second-quarter loss.
• What Howard Hughes Does: Howard Hughes Holdings Inc owns, manages, and develops commercial, residential, and mixed-use real estate throughout the USA.

MasterCraft Boat

• The Trade: MasterCraft Boat Holdings, Inc. (NASDAQ:MCFT) 10% owner Adam Gray acquired a total of 279,437 shares at an average price of $21.68. To acquire these shares, it cost around $6.06 million.
• What’s Happening: MasterCraft Boat reported a fourth-quarter FY23 sales decline of 15.5% year-on-year to $166.57 million, beating the analyst consensus of $162.08 million.
• What MasterCraft Boat Does: MasterCraft Boat Holdings Inc designs, manufactures, and markets performance sport boats and outboard boats. The company is based in the United States and operates in three brand-specific segments.

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