Around $19M Bet On Westrock Coffee? Check Out These 3 Stocks Insiders Are Buying

© Reuters. Around $19M Bet On Westrock Coffee? Check Out These 3 Stocks Insiders Are Buying

Benzinga - by Lisa Levin, Benzinga Editor.

Although U.S. stocks closed lower 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.

Westrock Coffee

• The Trade: Westrock Coffee Company (NASDAQ: WEST) Director Michael Boylan acquired a total of 1,876,688 shares an average price of $10.00. To acquire these shares, it cost around $18.77 million.
• What’s Happening: Westrock Coffee posted downbeat second-quarter results.
• What Westrock Coffee Does: Westrock Coffee Co is an integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the U.S, providing coffee sourcing, supply chain management, product development, roasting, packaging, and distribution services to retail, foodservice and restaurant, convenience store and travel center, non-commercial account, CPG, and hospitality industries around the world.

• The Trade: Ambrx Biopharma Inc. (NASDAQ: AMAM) 10% owner Cormorant Private Healthcare Fund III LP acquired a total of 2,152,738 shares at an average price of $9.12. To acquire these shares, it cost around $19.63 million.
• What’s Happening: Cantor Fitzgerald reiterated Ambrx Biopharma with an Overweight and maintained a $25 price target.
• What Ambrx Biopharma Does: Ambrx Biopharma Inc is a clinical-stage biologics company focused on discovering and developing a novel class of engineered precision biologics (EPBs) using its proprietary expanded genetic code technology platform that allows incorporating synthetic amino acids (SAAs) into proteins within living cells. Its product pipeline includes ARX788, ARX517, ARX305 among others.

Frontier Communications Parent

• The Trade: Frontier Communications Parent, Inc. (NASDAQ: FYBR) 10% owner Ares Partners Holdco LLC bought a total of 100,000 shares at an average price of $14.79. To acquire these shares, it cost around $1.48 million.
• What’s Happening: JP Morgan maintained Frontier Communications with an Overweight and lowered the price target from $35 to $33.
• What Frontier Communications Parent Does: Frontier Communications Parent Inc offers a variety of services to residential and business customers over its fiber-optic and copper networks, including video, high-speed internet, advanced voice, and Frontier Secure digital protection solutions. It offers communications solutions to small, medium, and enterprise businesses.

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