Although US stocks closed sharply higher in the last trading session of January, but the S&P 500 and Nasdaq still recorded their worst months since March 2020. 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.
Eastman Kodak
- The Trade: Eastman Kodak Company (NYSE:KODK) Director Felix Baker acquired a total of 347,665 shares at an average price of $52.02. To acquire these shares, it cost around $18.08 million.
- What’s Happening: Kodak recently launched KODACOLOR film-to-fabric (also known as DTF or direct-to-film) ink system.
- What Eastman Kodak Does: Eastman Kodak Co is a United States-based company. The company operates via several business segments: Print Systems, Enterprise Inkjet Systems, Kodak Software, Brand, Film and Imaging, Advanced Materials and 3D Printing Technology and Eastman Business Park.
Santander Consumer USA
- The Trade: Santander Consumer USA Holdings Inc. (NYSE:SC) 10% owner Banco Santander SA acquired a total of 14,184,414 shares at an average price of $41.50. To acquire these shares, it cost $588.65 million.
- What’s Happening: Santander Holdings USA reported Federal Reserve Approval of acquisition of shares it does not own of Santander Consumer USA Holdings Inc. and expiration of its tender offer to acquire such shares.
- What Santander Consumer Does: Santander Consumer USA Holdings Inc is a US-based consumer finance company focused on vehicle finance and third-party servicing.
Also check this: Bank of America and 4 other stocks sold by insiders
Western Alliance Bancorporation
- The Trade: Western Alliance Bancorporation (NYSE:WAL) President and CEO Kenneth Vecchione bought a total of 5,600 shares at an average price of $97.88. To acquire these shares, it cost $548.11 thousand.
- What’s Happening: The company, last week, reported upbeat quarterly earnings.
- What Western Alliance Bancorporation Does: Western Alliance Bancorporation is a Las Vegas-based holding company with regional banks operating in Nevada, Arizona, and California.
