Although the US stocks closed higher 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.
Appian
- The Trade: Appian Corporation (NASDAQ:APPN) 10% owner Colin Moran acquired a total of 104,552 shares at an average price of $43.97. To acquire these shares, it cost around $4.6 million.
- What’s Happening: A Virginia jury ordered Pegasystems, last month, to pay its software rival Appian $2.04 billion in damages for misappropriating trade secrets.
- What Appian Does: Appian Corp provides a low-code software development platform as a service that enables organizations to rapidly develop powerful and unique applications.
JELD-WEN Holding
- The Trade: 3, Inc. (NYSE:JELD) 10% owner Turtle Creek Asset Management Inc acquired a total of 496,815 shares at an average price of $13.29. To acquire these shares, it cost around $6.6 million.
- What’s Happening: Goldman Sachs maintained JELD-WEN with a Neutral and lowered the price target from $21 to $16.
- What JELD-WEN Does: JELD-WEN Holding Inc is engaged in door and window manufacturing. The company design, produce and distribute interior and exterior building product, offering a selection of doors, windows, walls, and related products.
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Also check this: Target And 2 Other Stocks Insiders Are Selling
Arcellx
- The Trade: Arcellx, Inc (NASDAQ:ACLX) 10% owner Forest Baskett bought a total of 312,500 shares at an average price of $16.00. To acquire these shares, it cost around $5 million.
- What’s Happening: SVB Leerink maintained Arcellx with an Outperform and lowered the price target from $47 to $38.
- What Arcellx Does: Arcellx Inc is a clinical-stage biotechnology company reimagining cell therapy through the development of innovative immunotherapies for patients with cancer and other incurable diseases.
