Although U.S. stocks closed mixed 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.
RXO
- The Trade: RXO, Inc. (NYSE:RXO) 10% owner Farhad Nanji acquired a total of 1,245,690 shares at an average price of $19.51. To acquire these shares, it cost around $24.3 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.
Harrow
- The Trade: Harrow, Inc. (NASDAQ:HROW) 10% owner Opaleye Management Inc. acquired a total of 29,400 shares at an average price of $10.56. To acquire these shares, it cost around $310,391.
- What's Happening: On April 11, Craig-Hallum initiated coverage on Harrow with a Buy rating and announced a price target of $24.
- What Harrow Does: Harrow Inc is an eyecare pharmaceutical company engaged in the discovery, development, and commercialization of ophthalmic pharmaceutical products for the U.S. market.
Don't forget to check out our premarket coverage here
Sunoco
- The Trade: Sunoco LP (NYSE:SUN) Director David K Skidmore bought a total of 1,500 shares at an average price of $52.10. To acquire these shares, it cost around $78,144.
- What's Happening: Sunoco, last week, completed the acquisition of liquid fuels terminals from Zenith Energy and the divestiture of 204 Convenience stores to 7-eleven.
- What Sunoco Does: Sunoco LP engaged in the distribution of motor fuels to independent dealers, distributors, and other commercial customers as well as the distribution of motor fuels to end-use customers at retail sites operated by commission agents.
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