Although US stocks closed lower 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.

HighPeak Energy

• The Trade: HighPeak Energy, Inc. (NASDAQ:HPK) CEO Jack Hightower acquired a total of 131,539 shares an average price of $22.00. To acquire these shares, it cost around $2.89 million.
• What's Happening: HighPeak Energy, during November, reported worse-than-expected Q3 EPS and sales results..
• What HighPeak Energy Does: HighPeak Energy Inc is an independent oil & natural gas company focused on the development of unconventional oil and natural gas reserves in primarily Howard County of the Midland Basin.

NexPoint Diversified Real Estate Trust

• The Trade: NexPoint Diversified Real Estate Trust (NYSE:NXDT) Executive Vice President Dustin Norris acquired a total of 8,910 shares at an average price of $11.30. To acquire these shares, it cost around $100.68 thousand.
• What's Happening: The company's stock dropped 13% over the past month.
• What NexPoint Diversified Real Estate Trust Does: NexPoint Diversified Real Estate Trust is a non-diversified, closed-end management investment company. Its investment objective is to provide both current income and capital appreciation.

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Ranpak Holdings

• The Trade: Ranpak Holdings Corp. (NYSE:PACK) Director Alicia Tranen bought a total of 9,250 shares at an average price of $5.68. To acquire these shares, it cost around $52.51 thousand.
• What's Happening: Ranpak Holdings, during November, posted a Q3 loss of $0.11 per share.
• What Ranpak Holdings Does: Ranpak Holdings Corp is a provider of environmentally sustainable, systems-based, product protection solutions for e-Commerce and industrial supply chains.