Although US stocks closed lower 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.
Occidental Petroleum
- The Trade: Occidental Petroleum Corporation (NYSE:OXY) 10% owner Warren E Buffett acquired a total of 4,304,146 shares at an average price of $58.05. To acquire these shares, it cost around $249.84 million.
- What’s Happening: Goldman Sachs recently downgraded Occidental Petroleum from Buy to Neutral and announced a $70 price target.
- What Occidental Petroleum Does: Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America, and the Middle East.
Shake Shack
- The Trade: Shake Shack Inc. (NYSE:SHAK) Director Michael McQuinn acquired a total of 21,000 shares at an average price of $39.58. To acquire these shares, it cost around $831.24 thousand.
- What’s Happening: Truist Securities recently maintained Shake Shack with a Buy and lowered the price target from $86 to $67.
- What Shake Shack Does: Shake Shack Inc is a roadside burger stands. It is serving a classic American menu of premium burgers, hot dogs, crispy chicken, frozen custard, crinkle cut fries, shakes, beer, wine and more.
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Dave & Buster's Entertainment
- The Trade: Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) CEO Daniel Christopher Morris bought a total of 33,400 shares at an average price of $30.54. To acquire these shares, it cost around $1.02 million.
- What’s Happening: Raymond James maintaindd Dave & Buster's with a Strong Buy and lowered the price target from $60 to $55.
- What Dave & Buster's Entertainment Does: Dave & Buster's Entertainment Inc owns and operates nearly a hundred entertainment and dining establishments in the United States where customers can eat, drink, play games, and watch televised sports.
