Although the Dow Jones jumped by more than 400 points on Friday, 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 901,774 shares at at an average price of $57.32. To acquire these shares, it cost around $51.69 million.
- What’s Happening: The company recently posted upbeat quarterly earnings.
- 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.
Starbucks
- The Trade: Starbucks Corporation (NASDAQ:SBUX) Interim CEO Howard D Schultz acquired a total of 137,500 shares at an average price of $72.67. To acquire these shares, it cost around $9.99 million.
- What’s Happening: Deutsche Bank recently maintained Starbucks with a Buy and lowered the price target from $116 to $103.
- What Starbucks Does: Starbucks is one of the most widely recognized restaurant brands in the world, operating nearly 34,000 stores across more than 80 countries as of the end of fiscal 2021.
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Also check this: Executives Sell More Than $220M Of 3 Stocks
RAPT Therapeutics
- The Trade: RAPT Therapeutics, Inc. (NASDAQ:RAPT) 10% owner Column Group Llc bought a total of 1,250,000 shares at an average price of $10.67. To acquire these shares, it cost around $13.34 million.
- What’s Happening: RAPT Therapeutics recently posted a Q1 loss of $0.69 per share.
- What RAPT Therapeutics Does: RAPT Therapeutics Inc is a clinical-stage immunology-based biopharmaceutical company. It is focused on discovering, developing, and commercializing oral small molecule therapies for patients with significant unmet needs in oncology and inflammatory diseases.
