Although US stock futures traded higher this morning on Monday, 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.
Occidental Petroleum
- The Trade: Occidental Petroleum Corporation (NYSE: NYSE:OXY) 10% owner Warren E Buffett acquired a total of 27,107,389 shares at an average price of $56.60. To acquire these shares, it cost around $1.53 billion.
- What’s Happening: Morgan Stanley (NYSE:MS) downgraded Occidental Petroleum from Overweight to Equal-Weight and announced a $52 price target.
- What Occidental Petroleum Does: Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America, and the Middle East.
- The Trade: Berkeley Lights, Inc. (NASDAQ: BLI) Director Jessica Hopfield acquired a total of 80,000 shares at an average price of $6.28. To acquire these shares, it cost around $502.4 thousand.
- What’s Happening: Berkeley Lights recently named Dr. Siddhartha Kadia as Chief Executive Officer.
- What Berkeley Lights Does: Berkeley Lights Inc is a digital cell biology company focused on enabling and accelerating the rapid development and commercialization of biotherapeutics and other cell-based products.
ShotSpotter
- The Trade: ShotSpotter, Inc. (NASDAQ: SSTI) Director Randall Hawks bought a total of 6,695 shares at an average price of $29.82. To acquire these shares, it cost around $199.64 thousand.
- What’s Happening: The company, last month, reported a loss for the fourth quarter.
- What ShotSpotter Does: ShotSpotter Inc provides precision-policing and security solutions for law enforcement and security personnel to help prevent and reduce gun violence and make cities, campuses and facilities safer.
Read at Benzinga