Although US stocks closed 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.
Freshworks
- The Trade: Freshworks Inc. (NASDAQ:FRSH) Director Sameer Gandhi acquired a total of 785,811 shares an average price of $14.71. To acquire these shares, it cost around $11.56 million.
- What's Happening: The company's stock gained around 3% over the past month.
- What Freshworks Does: Freshworks Inc provides software as a service platform that enables small and medium-sized businesses to support customers through e-mail, phone, website, and social networks.
DigitalBridge Group
- The Trade: DigitalBridge Group, Inc. (NYSE:DBRG) Chief Operating Officer Liam Stewart acquired a total of 3,300 shares at an average price of $15.26. To acquire these shares, it cost around $50.35 thousand.
- What's Happening: B. Riley Securities maintained DigitalBridge Group with a Buy and lowered the price target from $40 to $37.
- What DigitalBridge Group Does: DigitalBridge Group Inc is a global digital infrastructure real estate investment trust that owns, operates, and invests in digital infrastructure and real estate.
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Third Harmonic Bio
- The Trade: Third Harmonic Bio, Inc. (NASDAQ:THRD) Director David Bonita bought a total of 5,779,071 shares at an average price of $17.00. To acquire these shares, it cost around $5.1 million.
- What's Happening: The company recently priced its IPO at $17 per share.
- What Third Harmonic Bio Does: Third Harmonic Bio Inc is a clinical-stage company developing a novel oral approach to the treatment of severe allergy and inflammation.