Over $12M Bet On PBF Energy? Check Out These 3 Stocks Insiders Are Buying

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.

PBF Energy

  • The Trade: PBF Energy Inc. PBF 10% owner Empresarial de Capitales S.A. de C.V. Control acquired a total of 279,000 shares at an average price of $45.17. To acquire these shares, it cost around $12.6 million.
  • What's Happening: On May 2, PBF Energy posted better-than-expected quarterly earnings.
  • What PBF Energy Does: PBF Energy Inc is an independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States.

GeneDx Holdings

  • The Trade: GeneDx Holdings Corp. WGS Director Casdin Partners FO1-MSV, LP acquired a total of 130,000 shares at an average price of $21.21. To acquire these shares, it cost around $2,757,117.
  • What's Happening: On May 1, GeneDx reported better-than-expected first-quarter financial results..
  • What GeneDx Holdings Does: GeneDx Holdings Corp delivers personalized and actionable health insights to inform diagnosis, direct treatment and improve drug discovery.

Don’t forget to check out our premarket coverage here

Northwest Bancshares

  • The Trade: Northwest Bancshares, Inc. NWBI Director Mark A Paup bought a total of 12,000 shares at an average price of $10.68. To acquire these shares, it cost around $128,166.
  • What's Happening: On April 22, Northwest Bancshares posted in-line quarterly earnings.
  • What Northwest Bancshares Does: Northwest Bancshares Inc is a stockholding company for Northwest Bank.

Read More: Top 4 Consumer Stocks That May Implode In Q2

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