Although US stocks closed mostly lower on Wednesday, 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.

Datadog

• The Trade: Datadog, Inc. (NASDAQ:DDOG) Director Matthew Jacobson acquired a total of 192,154 shares an average price of $69.35. To acquire these shares, it cost around $13.33 million.
• What's Happening: Datadog, last month, reported better-than-expected Q3 EPS and sales results..
• What Datadog Does: Datadog is a cloud-native company that focuses on analyzing machine data.

Ball Corporation

• The Trade: Ball Corporation (NYSE:BALL) President and CEO William Daniel Fisher acquired a total of 6,400 shares at an average price of $54.42. To acquire these shares, it cost around $348.32 thousand.
• What's Happening: Ball, last month, reported better-than-expected Q3 sales results.
• What Ball Does: Ball is the world's largest metal can manufacturer with market share over 40% in its three main regions (North America, Europe, and South America)

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Howard Hughes

• The Trade: The Howard Hughes Corporation (NYSE:HHC) Director William Ackman bought a total of 657,160 shares at an average price of $75.26. To acquire these shares, it cost around $49.45 million.
• What's Happening: The company, last month, posted downbeat Q3 results.
• What Howard Hughes Does: The Howard Hughes Corp is a real estate company that develops master-planned communities (MPCs) and is involved in other strategic real estate development opportunities across the United States.

Aura Biosciences

• The Trade: Aura Biosciences, Inc. (NASDAQ:AURA) 10% owner David Goel bought a total 1,250,000 shares at an average price of $12.00. The insider spent around $15 million to buy those shares.
• What's Happening: Aura Biosciences recently announced pricing of a public offering of common stock.
• What Aura Biosciences Does: Aura Biosciences Inc is a clinical-stage oncology company developing a novel technology platform based on virus-like drug conjugates to target and destroy cancer cells selectively while activating the immune system to create long-lasting anti-tumor immunity.