$21M Bet On Coupang? Check Out These 3 Stocks Insiders Are Buying

Author: Avi Kapoor | August 13, 2024 08:02am

Although U.S. stocks closed mixed on Monday, 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.

Coupang

• The Trade: Coupang, Inc. (NASDAQ:CPNG) Director Neil Mehta acquired a total of 950,000 shares at an average price of $22.34. To acquire these shares, it cost around $21.2 million.
• What's Happening: On Aug. 6, Coupang reported better-than-expected second-quarter adjusted EPS results.
• What Coupang Does: Coupang Inc is an e-commerce company. It sells apparel, electronics, footwear, food products, furniture, nutritional supplements, and other products.

Comstock Resources

• The Trade: Comstock Resources, Inc. (NYSE:CRK) 10% owner Jerral W. Jones acquired a total of 2,633,634 shares at an average price of $9.79. To acquire these shares, it cost around $25.8 million.
• What's Happening: On July 30, Comstock Resources posted worse-than-expected second-quarter financial results.
• What Comstock Resources Does: Comstock Resources Inc is an independent energy company operating in the Haynesville shale, a natural gas basin located in East Texas and North Louisiana with superior economics and geographical proximity to the Gulf Coast markets.

ArcBest

• The Trade: ArcBest Corporation (NASDAQ:ARCB) Director Salvatore A Abbate bought a total of 1,000 shares at an average price of $103.93. To acquire these shares, it cost around $103,930.
• What's Happening: On Aug. 2, ArcBest reported worse-than-expected second-quarter adjusted EPS results.
• What ArcBest Does: ArcBest Corp is engaged in logistics operations. The company operates in two operating segments, The Asset-Based segment includes the results of operations of ABF Freight System, Inc. and certain other subsidiaries.

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Posted In: ARCB CPNG CRK