US stocks closed mixed on Wednesday following the release of minutes from the recent Federal Reserve meeting. Investors, meanwhile, focused on some 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.
Cytek Biosciences
- The Trade: Cytek Biosciences, Inc. (NASDAQ:CTKB) Director Rajeev Shah acquired a total of 498,629 shares at an average price of $14.89. To acquire these shares, it cost around $7.43 million.
- What’s Happening: Morgan Stanley recently maintained Cytek Biosciences with an Equal-Weight and lowered the price target from $27 to $18.
- What Cytek Biosciences Does: Cytek Biosciences Inc is a cell analysis solutions company advancing the next generation of cell analysis tools by leveraging novel technical approaches.
Boeing
- The Trade: The Boeing Company (NYSE:BA) Director Lawrence Kellner acquired a total of 5,000 shares at an average price of $208.91. To acquire these shares, it cost around $1.04 million.
- What’s Happening: Boeing said Western Global Airlines has purchased 2 Boeing 777 freighters.
- What Boeing Does: Boeing is a major aerospace and defense firm. With headquarters in Chicago, the firm operates in four segments, commercial airplanes, defense, space & security, global services, and Boeing capital.
Also check this: 3 Penny Stocks Insiders Are Buying
JAKKS Pacific
- The Trade: JAKKS Pacific, Inc. (NASDAQ:JAKK) 10% owner Lawrence I Rosen bought a total of 306,728 shares at an average price of $10.73. To acquire these shares, it cost around $3.29 million.
- What’s Happening: JAKKS Pacific and Disguise announced new waves of Apex Legends figures and costumes for 2022.
- What JAKKS Pacific Does: Jakks Pacific Inc is a multi-brand toy company that designs, produces, markets and distributes toys and related products, consumables and related products, electronics and related products, kids indoor and outdoor furniture, and other consumer products.
MGM Resorts
- The Trade: MGM Resorts International (NYSE:MGM) 10% owner IAC/InterActiveCorp bought a total of 4,500,000 shares at an average price of $45.00. The insider spent around $202.5 million to buy those shares.
- What’s Happening: The company recently posted upbeat quarterly results.
- What MGM Resorts Does: MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market.
