Although US stocks closed higher 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.
V2X
- The Trade: V2X, Inc. (NYSE: VVX) Director Dino Cusumano acquired a total of 375,420 shares at an average price of $39.96. To acquire these shares, it cost around $15 million.
- What’s Happening: Raymond James recently initiated coverage on the stock with a Strong Buy rating and a $50 price target.
- What V2X Does: V2X Inc formerly Vectrus Inc is a U.S.-based company that provides services to the U.S. government. It operates as one segment and offers facility and logistics services and information technology mission support and engineering and digital integration services.
- The Trade: Six Flags Entertainment Corporation (NYSE: SIX) Director Arik W Ruchim acquired a total of 200,000 shares at an average price of $22.98. To acquire these shares, it cost around $4.6 million.
- What’s Happening: Credit Suisse (SIX:CSGN) recently maintained Six Flags Entertainment with an Outperform and lowered the price target from $44 to $40.
- What Six Flags Entertainment Does: Six Flags Entertainment Corp owns and operates theme parks worldwide.
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Energy Transfer
- The Trade: Energy Transfer LP (NYSE: ET) Executive Chairman Kelcy Warren bought a total of 571,253 shares at an average price of $11.85. To acquire these shares, it cost around $6.77 million.
- What’s Happening: The company’s stock climbed around 23% over the past six months.
- What Energy Transfer Does: Energy Transfer owns a large platform of crude oil, natural gas, and natural gas liquid assets primarily in Texas and the U.S. midcontinent region.