Although US stocks closed higher 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.
RumbleON
- The Trade: RumbleON, Inc. (NASDAQ:RMBL) 10% owner Stone House Capital Management LLC acquired a total of 50,000 shares an average price of $8.21. To acquire these shares, it cost around $410.5 thousand.
- What's Happening: RumbleON posted a wider-than-expected quarterly loss.
- What RumbleON Does: RumbleON Inc is a USA-based online retailer that allows both consumers and dealers to Buy-Sell-Trade-Finance pre-owned motorcycles in an efficient, fast, transparent, and engaging experience.
Affinity Bancshares
- The Trade: Affinity Bancshares, Inc (NASDAQ:AFBI) 10% owner Kenneth R Lehman acquired a total of 7,524 shares at an average price of $14.49. To acquire these shares, it cost around $109.02 thousand.
- What's Happening: Affinity Bancshares reported net income of $1.7 million for the three months ended Dec. 31, 2022.
- What Affinity Bancshares Does: Affinity Bancshares Inc is a holding company of Affinity Bank, a federally chartered stock savings bank that offers a variety of deposit accounts, including checking accounts, savings accounts, and certificate of deposit accounts.
Don't forget to check out our premarket coverage here
FedEx
- The Trade: FedEx Corporation (NYSE:FDX) Director Stephen E Gorman bought a total of 1,080 shares at an average price of $230.75. To acquire these shares, it cost around $249.2 thousand.
- What's Happening: FedEx announced plan to slash $4 billion in permanent costs by the end of FY25 at the DRIVE Investor Event.
- What FedEx Does: FedEx pioneered overnight delivery in 1973 and remains the world's largest express package provider.
Check This Out: Investor Optimism Improves Slightly Following Inflation Data