Although the Dow Jones jumped by more than 500 points 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.
Coinbase (NASDAQ:COIN) Global
- The Trade: Coinbase Global , Inc. (NASDAQ: COIN) Director Frederick Ernest Ehrsam III acquired a total of 30,030 shares at at an average price of $60.60. To acquire these shares, it cost around $1.82 million.
- What’s Happening: Cowen & Co. initiated coverage on Coinbase Global with an Outperform rating and announced a price target of $85.
- What Coinbase Does: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company intends to be the safe and regulation-compliant point of entry for retail investors and institutions into the cryptocurrency economy.
- The Trade: Avis Budget Group, Inc. (NASDAQ: CAR) Executive Chairman Bernardo Hees acquired a total of 28,334 shares at an average price of $172.78. To acquire these shares, it cost around $4.9 million.
- What’s Happening: Avis Budget Group recently said Q1 EPS results were higher year-over-year.
- What Avis Budget Does: Avis Budget Group Inc is a provider of automotive vehicle rental and car-sharing services. Its brands include Avis, Budget, and Zipcar.
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Also check this: Meta And 3 Other Stocks Insiders Are Selling
V.F. Corporation
- The Trade: V.F. Corporation (NYSE: VFC) Director W Rodney McMullen bought a total of 4,986 shares at an average price of $45.40. To acquire these shares, it cost around $136.2 thousand.
- What’s Happening: VF (NYSE:VFC) recently reported Q4 financial results and issued FY23 guidance.
- What V.F. Corporation Does: VF designs, produces, and distributes branded apparel and accessories. Its largest apparel categories include action sports, outdoor, and workwear.
Read at Benzinga