Although U.S. stocks closed higher on Tuesday, 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.
ProFrac Holding
- The Trade: ProFrac Holding Corp. (NASDAQ:ACDC) 10% owner Dan H. Wilks acquired a total of 1,013,930 shares at an average price of $13.15. To acquire these shares, it cost around $13.34 million. The company's Executive Chairman Matthew Wilks also bought 10,000 shares.
- What's Happening: ProFrac Holding said Lance Turner will resign as CFO effective June 17.
- What ProFrac Holding Does: ProFrac Holding Corp is engaged in providing hydraulic fracturing, completion services, and other complementary products and services to upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources.
Immunome
- The Trade: Immunome, Inc. (NASDAQ:IMNM) President and CEO Clay B Siegall acquired a total of 100,000 shares at an average price of $13.88. To acquire these shares, it cost around $1.39 million.
- What's Happening: On May 14, Immunome posted downbeat quarterly results.
- What Immunome Does: Immunome Inc is a biopharmaceutical company.
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Globe Life
- The Trade: Globe Life Inc. (NYSE:GL) Co-Chairman and CEO Frank M Svoboda bought a total of 2,500 shares at an average price of $86.31. To acquire these shares, it cost around $215,764.
- What's Happening: On May 21, Raymond James analyst Wilma Burdis reiterated Globe Life with a Strong Buy.
- What Globe Life Does: Globe Life Inc is an insurance holding company. It provides a variety of life and supplemental health insurance products and annuities to a broad base of customers.
Astrotech
- The Trade: Astrotech Corporation (NASDAQ:ASTC) Director Thomas Wiley Wilkinson bought a total of 1,109 shares at an average price of $9.50. The insider spent around $10,536 to buy those shares.
- What's Happening: On May 13, Astrotech posted a wider loss for the third quarter.
- What Astrotech Does: Astrotech Corp is a science and technology development company.