Over $18M Bet On This Tech Stock? Check Out These 4 Stocks Insiders Are Buying
Author: Avi Kapoor | July 15, 2024 08:33am
Although U.S. stocks closed higher on Friday, 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.
Appian
- The Trade: Appian Corporation (NASDAQ:APPN) 10% owner Colin T. Moran acquired a total of 545,121 shares at an average price of $33.14. To acquire these shares, it cost around $18.13 million.
- What's Happening: On May 2, Appian reported worse-than-expected quarterly earnings.
- What Appian Does: Appian is a low-code enterprise platform-as-a-service company focusing on business process management.
Alta Equipment Group
- The Trade: Alta Equipment Group Inc. (NYSE:ALTG) 10% owner Thomas E Lynch acquired a total of 179,414 shares at an average price of $8.05. To acquire these shares, it cost around $1.4 million.
- What's Happening: On July 3, Alta Equipment Group announced a quarterly dividend on its Series A Cumulative Perpetual Preferred Stock in the amount of $625 per preferred share.
- What Alta Equipment Group Does: Alta Equipment Group Inc is an integrated equipment dealership platform in the U.S.
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AMREP
- The Trade: AMREP Corporation (NYSE:AXR) 10% owner Rainey E. Lancaster bought a total of 7,000 shares at an average price of $20.10. To acquire these shares, it cost around $140,671.
- What's Happening: On March 8, AMREP reported earnings of 2 cents per share for its 2024 fiscal third quarter, versus year-ago earnings of $3.12 per share.
- What AMREP Does: Amrep Corp through its subsidiaries is engaged in the Real estate business.
Citi Trends
- The Trade: Citi Trends, Inc. (NASDAQ:CTRN) Interim CEO Kenneth Duane Seipel bought a total of 282,644 shares at an average price of $19.03. The insider spent around $5.4 million to buy those shares.
- What's Happening: On June 4, Citi Trends posted a narrower-than-expected quarterly loss.
- What Citi Trends Does: Citi Trends Inc is a retailer of urban fashion apparel and accessories in the United States.
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