Although U.S. stocks closed lower on Monday, 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.

Mueller Water Products

• The Trade: Mueller Water Products, Inc. (NYSE:MWA) Director Arsdell Stephen C Van acquired a total of 10,000 shares an average price of $15.42. To acquire these shares, it cost around $154,200.
• What's Happening: On Feb. 8, Mueller Water Products posted upbeat quarterly earnings.
• What Mueller Water Products Does: Mueller Water Products, Inc. is a U.S.-based company that manufactures and sells products and services used in the transmission, distribution, and measurement of water.

Citi Trends

• The Trade: Citi Trends, Inc. (NASDAQ:CTRN) 10% owner Pleasant Lake Onshore Feeder Fund LP acquired a total of 141,438 shares at an average price of $30.89. To acquire these shares, it cost around $4.37 million.
• What's Happening: On Jan. 8, Citi Trends said comparable store sales for quarter-to-date period ending Jan. 6, 2024, fell 0.3%.
• What Citi Trends Does: Citi Trends Inc is a retailer of urban fashion apparel and accessories in the United States.

Don't forget to check out our premarket coverage here

Carvana

• The Trade: Carvana Co. (NYSE:CVNA) Director Neha Parikh bought a total of 1,300 shares at an average price of $77.00. To acquire these shares, it cost around $100,100.
• What's Happening: On Feb. 28, the company debuted its newest Car Vending Machine in San Diego, California.
• What Carvana Does: Carvana Co is an e-commerce platform for buying and selling used cars. The company derives revenue from used vehicle sales, wholesale vehicle sales and other sales and revenues.

SolarEdge Technologies

• The Trade: SolarEdge Technologies, Inc. (NASDAQ:SEDG) Director More Avery bought a total of 7,000 shares at an average price of $67.75. The insider spent around $474,250 to buy those shares.
• What's Happening: On Feb. 20, SolarEdge reported mixed fourth-quarter financial results and issued first-quarter revenue guidance below estimates.
• What SolarEdge Technologies Does: SolarEdge Technologies designs, develops, and sells direct current optimized inverter systems for solar photovoltaic installations.