Although US stock futures traded higher this morning 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.
DoorDash
- The Trade: DoorDash, Inc. (NYSE: DASH) Director Alfred Lin acquired a total of 573,500 shares at an average price of $87.12. To acquire these shares, it cost around $49.96 million.
- What’s Happening: DoorDash recently announced plans to acquire in-store tech provider Bbot.
- What DoorDash Does: Founded in 2013 and headquartered in San Francisco, DoorDash is an online food order demand aggregator. Consumers can use its app to order food on-demand for pickup or delivery from merchants mainly in the U.S.
- The Trade: Incyte Corporation (NASDAQ: INCY) Director Felix Baker acquired a total of 429,080 shares at an average price of $67.56. To acquire these shares, it cost around $28.99 million.
- What’s Happening: Incyte, last month, reported Q4 earnings results.
- What Incyte Does: Incyte focuses on the discovery and development of small-molecule drugs. The firm's lead drug, Jakafi, treats two types of rare blood cancer and graft versus host disease and is partnered with Novartis.
B. Riley Financial
- The Trade: B. Riley Financial, Inc. (NASDAQ: RILY) Chairman and Co-CEO Bryant R Riley bought a total of 30,000 shares at an average price of $62.83. To acquire these shares, it cost around $1.88 million.
- What’s Happening: The company, last month, reported quarterly results.
- What B. Riley Financial Does: B. Riley Financial Inc is a diversified financial services company. The company through its subsidiaries offers investment banking and financial services to corporate, institutional and high net worth clients and also asset disposition, valuation and appraisal and capital advisory services to retail, wholesale, institutional, lenders, capital providers, private equity investors, and professional services firms in United States, Canada, and Europe.
Read at Benzinga