Although US stocks closed higher 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.
Six Flags Entertainment
- The Trade: Six Flags Entertainment Corporation (NYSE: SIX) Director Arik W Ruchim acquired a total of 525,000 shares at an average price of $23.82. To acquire these shares, it cost around $12.5 million.
- What’s Happening: Six Flags Entertainment recently reported a second-quarter FY22 sales decline of 5% year-on-year to $435 million, missing the consensus of $518.49 million.
- What Six Flags Entertainment Does: Six Flags Entertainment Corp owns and operates theme parks worldwide. The company operates around 26 theme parks and waterparks, 23 are located in the United States, two are located in Mexico and one is located in Montreal, Canada.
- The Trade: MGM Resorts International (NYSE: MGM) 10% owner IAC Inc acquired a total 283,700 shares at an average price of $35.23. To acquire these shares, it cost around $9.99 million.
- What’s Happening: MGM recently reported second-quarter revenue of $3.26 billion, up 43.6% year-over-year.
- What MGM Resorts Does: MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market.
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Ecolab
- The Trade: Ecolab Inc . (NYSE: NYSE:ECL) 10% owner Cascade Investment LLC bought a total of 185,129 shares at an average price of $171.80. To acquire these shares, it cost around $31.81 million.
- What’s Happening: Ecolab, last month, reported second-quarter FY22 sales growth of 13% year-on-year to $3.58 billion.
- What Ecolab Does: Ecolab produces and markets cleaning and sanitation products for the hospitality, healthcare, and industrial markets.
- The Trade: CinCor Pharma, Inc. (NASDAQ: CINC) Director James Healy bought a total of 506,000 shares at an average price of $30.00. The insider spent around $15.18 million to buy those shares.
- What’s Happening: CinCor Pharma recently priced upsized 7.5 million share public offering of common stock and pre-funded warrants at $30 per share.
- What CinCor Pharma Does: CinCor Pharma Inc is a clinical-stage biopharmaceutical company focused on developing its lead clinical candidate, CIN-107, for the treatment of hypertension and other cardio-renal diseases.
Read at Benzinga