Although U.S. stocks closed higher 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.

Steel Connect

• The Trade: Steel Connect, Inc. (NASDAQ:STCN) 10% owner WF Asset Corp. acquired a total of 265,326 shares at an average price of $12.00. To acquire these shares, it cost around $3.18 million.
• What's Happening: On March 15, Steel Connect reported second-quarter revenues of $43 million.
• What Steel Connect Does: Steel Connect Inc is a diversified holding company. The company's operating segment include Direct Marketing and Supply Chain.

Citi Trends

• The Trade: Citi Trends, Inc. (NASDAQ:CTRN) 10% owner Pleasant Lake Partners LLC acquired a total of 25,100 shares at an average price of $22.03. To acquire these shares, it cost around $553,021.
• What's Happening: On March 19, Citi Trends reported worse-than-expected fourth-quarter financial results.
• What Citi Trends Does: Citi Trends Inc is a retailer of urban fashion apparel and accessories in the United States.

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RXO

• The Trade: RXO, Inc. (NYSE:RXO) 10% owner Farhad Nanji bought a total of 200,000 shares at an average price of $19.61. To acquire these shares, it cost around $3.92 million.
• What's Happening: RXO said it will issue its first-quarter financial results before the opening bell on May 2, 2024.
• What RXO Does: RXO Inc is a brokered transportation platform defined by cutting-edge technology and a nimble, asset-light business model, with the largest component being core truck brokerage business.

Berkshire Hills Bancorp

• The Trade: Berkshire Hills Bancorp, Inc. (NYSE:BHLB) President and CEO Nitin J. Mhatre bought a total of 1,100 shares at an average price of $22.02. The insider spent around $24,221 to buy those shares.
• What's Happening: On April 18, Berkshire Hills Bancorp posted upbeat quarterly earnings.
• What Berkshire Hills Bancorp Does: Berkshire Hills Bancorp Inc is a holding company. It provides Commercial Banking, Retail Banking, Consumer Lending, Private Banking and Wealth Management services.

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