Although US stocks closed lower 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.
RE/MAX Holdings
- The Trade: RE/MAX Holdings, Inc. (NYSE:RMAX) 10% owner Magnolia Group Llc acquired a total of 47,015 shares at an average price of $24.09. To acquire these shares, it cost around $1.13 million.
- What’s Happening: The company’s shares tumbled around 20% over the past six months.
- What RE/MAX Holdings Does: RE/MAX Holdings Inc operates as a franchisor of real estate brokerage services. It recruits and retains agents and sells franchises.
Darden Restaurants
- The Trade: Darden Restaurants, Inc. (NYSE:DRI) Director Wilmott Timothy J acquired a total of 10,000 shares at an average price of $120. To acquire these shares, it cost around $1.2 million.
- What’s Happening: The company recently posted upbeat quarterly results.
- What Darden Restaurants Does: Darden Restaurants is the largest restaurant operator in the U.S. casual and fine dining markets, with consolidated revenue of $7.2 billion in fiscal 2021 resulting in 3.8% market share (per Euromonitor data and our calculations).
- Don’t forget to check out our premarket coverage here .
Also check this: US Manufacturing Data And Other Macro Issues For Friday
FedEx
- The Trade: FedEx Corporation (NYSE:FDX) Director Amy B Lane bought a total of 607 shares at an average price of $228.12. To acquire these shares, it cost around $138.47 thousand.
- What’s Happening: FedEx recently issued FY23 guidance above estimates.
- What FedEx Does: FedEx pioneered overnight delivery in 1973 and remains the world's largest express package provider.
