Benzinga - Although US stocks closed 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.
Morphic Holding
- The Trade: Morphic Holding, Inc. (NASDAQ: MORF) Director Timothy A Springer acquired a total 1,050,000 shares an average price of $45.00. To acquire these shares, it cost around $47.25 million.
- What’s Happening: Morphic raised $240 million via secondary share sale of 5.3 million shares at $45.00 per share.
- What Morphic Holding Does: Morphic Holding Inc is a biopharmaceutical company applying its insights into integrins to discover and develop a pipeline of oral small-molecule integrin therapeutics.
- The Trade: The Howard Hughes Corporation (NYSE: HHC) Director William Ackman acquired a total of 31,083 shares at an average price of $74.72. To acquire these shares, it cost around $2.32 million.
- What’s Happening: The Howard Hughes is expected to release Q1 earnings on May 8, 2023, after the market closes.
- What Howard Hughes Does: The Howard Hughes Corp is a real estate company that develops master-planned communities (MPCs) and is involved in other strategic real estate development opportunities across the United States.
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Activision Blizzard
- The Trade: Activision Blizzard, Inc. (NASDAQ: ATVI) Director Peter J Nolan bought a total of 13,160 shares at an average price of $75.99. To acquire these shares, it cost around $1 million.
- What’s Happening: Stifel recently maintained Activision Blizzard with a Buy and lowered the price target from $95 to $88.
- What Activision Blizzard Does: Activision Blizzard was formed in 2008 by the merger of Activision, one of the largest console video game publishers, and Blizzard, one of largest PC video game publishers.
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General Dynamics
- The Trade: General Dynamics Corporation (NYSE: GD) Director Mark Malcolm bought a total 4,700 shares at an average price of $214.47. The insider spent around $1.01 million to buy those shares.
- What’s Happening: General Dynamics reported first-quarter FY23 revenue growth of 5.2% year-over-year to $9.88 billion, beating the consensus of $9.33 billion.
- What General Dynamics Does: General Dynamics is a defense contractor and business jet manufacturer. The firm's segments include aerospace, marine, combat systems, and technologies.