Benzinga - by Lisa Levin, Benzinga Editor.
Although U.S. stocks closed mostly lower on Thursday, 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.
STAAR Surgical
- The Trade: STAAR Surgical Company (NASDAQ: STAA) 10% owner Neal Bradsher acquired a total of 189,962 shares an average price of $41.42. To acquire these shares, it cost around $7.87 million.
- What’s Happening: STAAR Surgical’s second-quarter sales reached $92.3 million, up 14% Y/Y, driven by ICL sales growth of 19% and ICL unit growth of 21%, missing the consensus of $93.04 million.
- What STAAR Surgical Does: Staar Surgical Co is a manufacturer of lenses. It designs, develops, manufactures, and sells implantable lenses for the eye and delivery systems used to deliver the lenses into the eye.
- The Trade: Funko, Inc. (NASDAQ: FNKO) 10% owner Chan Kenneth Hsiangtze acquired a total of 69,531 shares at an average price of $6.88. To acquire these shares, it cost around $478,631.
- What’s Happening: Funko reported a second-quarter earnings miss and issued weak guidance.
- What Funko Does: Funko Inc is an US-based pop culture consumer products company. It creates whimsical, fun, and different products which enable the customer to express their affinity for their favorite through the movie, TV show, video game, musician, or sports team.
Douglas Dynamics
- The Trade: Douglas Dynamics, Inc. (NYSE: PLOW) President and CEO Robert L McCormick bought a total of 10,000 shares at an average price of $30.71. To acquire these shares, it cost around $307,110.
- What’s Happening: Douglas Dynamics reported better-than-expected second-quarter financial results.
- What Douglas Dynamics Does: Douglas Dynamics Inc is a manufacturer and upfitter of commercial vehicle attachments and equipment.
PENN Entertainment
- The Trade: PENN Entertainment, Inc. (NASDAQ: PENN) EVP and CFO Felicia Hendrix bought a total 11,162 shares at an average price of $22.41. The insider spent around $250,140 to buy those shares.
- What’s Happening: PENN Entertainment reported second-quarter FY23 sales growth of 2.9% year-on-year to $1.67 billion, in-line with the analyst consensus.
- What PENN Entertainment Does: Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands (such as Hollywood Casino and Ameristar), with land-based casinos representing 90% of total sales in 2022 (10% was from the interactive segment, which includes sports, iGaming, and media revenue).