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.
Rocket Companies
- The Trade: Rocket Companies, Inc. (NASDAQ: RKT) CEO Jay Farner acquired a total of 52,200 shares at an average price of $7.65. To acquire these shares, it cost around $399.32 thousand.
- What’s Happening: Rocket Companies, last month, reported a quarterly adjusted earnings loss of 3 cents per share.
- 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.
- The Trade: CNA Financial Corporation (NYSE: CNA) 10% owner Loews Corp (NYSE:L) acquired a total of 168,099 shares at an average price of $39.01. To acquire these shares, it cost around $6.56 million.
- What’s Happening: CNA Financial, last month, reported worse-than-expected Q2 EPS results.
- What CNA Financial Does: CNA Financial Corporation (CNAF) is an insurance holding company that provides commercial property and casualty insurance.
Also check this: US Stocks Record Third Consecutive Weekly Loss But Market Volatility Decreases
First Guaranty Bancshares
- The Trade: First Guaranty Bancshares, Inc. (NASDAQ: FGBI) Director Edgar Smith III bought a total of 10,890 shares at an average price of $22.69. To acquire these shares, it cost around $247.07 thousand.
- What’s Happening: First Guaranty Bancshares recently posted Q2 EPS of $0.70.
- What First Guaranty Bancshares Does: First Guaranty Bancshares Inc provides personalized commercial banking services to its customers in Louisiana, through several banking facilities in the Market Services Areas.
Read at Benzinga