Although US stocks closed lower 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.
Enviva
- The Trade: Enviva Inc. (NYSE: EVA) Director Jeffrey W Ubben acquired a total of 76,446 shares an average price of $50.63. To acquire these shares, it cost around $3.87 million.
- What’s Happening: Citigroup (NYSE:C) upgraded Enviva from Neutral to Buy and lowered the price target from $79 to $62.
- What Enviva Does: Enviva Inc is a global energy company specializing in sustainable wood bioenergy. It is a producer of sustainable wood pellets, which provide a low-carbon alternative to fossil fuels.
- The Trade: Veris Residential, Inc. (NYSE: VRE) Director A. Akiva Katz acquired a total of 376,101 shares at an average price of $11.61. To acquire these shares, it cost around $4.37 million.
- What’s Happening: Veris Residential recently announced the anticipated sale of Harborside 1, 2, and 3 for $420 million.
- What Veris Residential Does: Veris Residential Inc is a fully-integrated, self-administered and self-managed real estate investment trust (REIT).
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Lovesac Company
- The Trade: The Lovesac Company (NASDAQ: LOVE) Director Walter McLallen bought a total of 2,000 shares at an average price of $20.60. To acquire these shares, it cost around $41.2 thousand.
- What’s Happening: Lovesac Co, last month, reported second-quarter FY23 sales growth of 45% year-on-year to $148.50 million, beating the consensus of $125.37 million.
- What Lovesac Company Does: The Lovesac Co designs, manufactures and sells alternative furniture which is comprised of modular couches called sactionals and premium foam beanbag chairs called sacs.