Although U.S. stocks closed mixed 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.
HighPeak Energy
- The Trade: HighPeak Energy, Inc. (NASDAQ:HPK) CEO Jack Hightower acquired a total of 132,487 shares at an average price of $15.45. To acquire these shares, it cost around $2.05 million.
- What's Happening: On Aug. 5, HighPeak Energy posted downbeat quarterly results.
- What HighPeak Energy Does: HighPeak Energy Inc is an independent oil and natural gas company focused on the development of unconventional oil and natural gas reserves in Howard County of the Midland Basin.
Mercury Systems
- The Trade: Mercury Systems, Inc. (NASDAQ:MRCY) 10% owner Jana Partners Management, LP acquired a total of 13,600 shares at an average price of $37.25. To acquire these shares, it cost around $506,600.
- What's Happening: On Aug. 19, Alembic Global analyst Peter Skibitski upgraded Mercury Systems from Neutral to Overweight.
- What Mercury Systems Does: Mercury Systems Inc is a commercial technology company serving the aerospace and defense industry.
MYR Group
- The Trade: MYR Group Inc. (NASDAQ:MYRG) Director Bradley Thede Favreau bought a total of 1,005 shares at an average price of $99.70. To acquire these shares, it cost around $100,199.
- What's Happening: On July 31, MYR Group reported worse-than-expected quarterly financial results.
- What MYR Group Does: MYR Group Inc is a U.S.-based holding company that provides specialty electrical construction services through its subsidiaries.
Read Next:
- Top 2 Materials Stocks That Are Ticking Portfolio Bombs