US stock futures traded higher this morning, with the Dow futures adding more than 200 points this morning. 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.
Silver Spike Investment
- The Trade: Silver Spike Investment Corp. (NASDAQ:SSIC) CEO Scott Gordon acquired a total of 4,514,287 shares at an average price of $14.00. To acquire these shares, it cost around $63.2 million.
- What’s Happening: The company recently priced its IPO at $14 per share.
- What Silver Spike Investment Does: Silver Spike Investment Corp is a closed-end management investment company formed to invest in companies across the cannabis ecosystem through investments in the form of direct loans to, and equity ownership of, privately-held cannabis businesses.
PayPal
- The Trade: PayPal Holdings, Inc. (NASDAQ:PYPL) Director Frank D Yeary acquired a total of 4,000 shares at an average price of $124.85. To acquire these shares, it cost $499.4 thousand.
- What’s Happening: PayPal recently reported worse-than-expected Q4 EPS results.
- What PayPal Does: PayPal was spun off from eBay in 2015 and provides electronic payment solutions to merchants and consumers, with a focus on online transactions.
Also check this: Apple And 3 Other Stocks Sold By Insiders
Rocket Pharmaceuticals
- The Trade: Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) CEO Gaurav Shah bought a total of 22,000 shares at an average price of $17.34. To acquire these shares, it cost around $381.51 thousand.
- What’s Happening: The company’s stock dropped around 12% over the previous month.
- What Rocket Pharmaceuticals Does: Rocket Pharmaceuticals Inc is a clinical-stage biopharmaceutical company. It is focused on the development of gene therapies for rare and devastating pediatric diseases.
