Although U.S. 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.
Rocket Companies
- The Trade: Rocket Companies, Inc. (NYSE:RKT) Director Matthew Rizik acquired a total of 1,116 shares an average price of $11.69. To acquire these shares, it cost around $13,050.
- What’s Happening: On March 18, B of A Securities analyst Mihir Bhatia maintained Rocket Companies with an Underperform and raised the price target from $7 to $8.
- What Rocket Companies Does: Rocket Companies is a financial services company that was originally founded as Rock Financial in 1985 and is currently based in Detroit.
Neogen
- The Trade: Neogen Corporation (NASDAQ:NEOG) Chief Operating Officer Douglas Edward Jones acquired a total of 10,000 shares at an average price of $12.36. To acquire these shares, it cost around $123,590.
- What’s Happening: On April 9, Neogen reported worse than expected third-quarter FY2024 earnings and cut 2024 guidance.
- What Neogen Does: Neogen Corporation, headquartered in Lansing, Michigan, develops, manufactures, and markets various products for food and animal safety.
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Steel Connect
- The Trade: Steel Connect, Inc. (NASDAQ:STCN) 10% owner WF Asset Corp bought a total of 42,309 shares at an average price of $9.22. To acquire these shares, it cost around $390,000.
- What’s Happening: On March 15, Steel Connect reported second-quarter revenues of $43 million.
- What Steel Connect Does: Steel Connect Inc is a diversified holding company. The company’s operating segment include Direct Marketing and Supply Chain.
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