Although U.S. stocks closed higher 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.

Cardlytics

• The Trade: Cardlytics, Inc. (NASDAQ:CDLX) 10% owner Clifford Sosin acquired a total of 350,000 shares an average price of $14.16. To acquire these shares, it cost around $4.96 million.
• What's Happening: On March 18, Cardlytics entered an Equity Distribution Agreement pursuant to which the Company may issue and sell, from time to time up to $50 million.
• What Cardlytics Does: Cardlytics Inc operates an advertising platform within financial institutions' digital channels, which include online, mobile, email, and various real-time notifications.

Phunware

• The Trade: Phunware, Inc. (NASDAQ:PHUN) CFO Troy Lee Reisner acquired a total of 2,000 shares at an average price of $8.76. To acquire these shares, it cost around $17,514.
• What's Happening: On March 12, Phunware reported worse-than-expected fourth-quarter EPS results.
• What Phunware Does: Phunware Inc is a software company. It is a cloud platform for mobile that provides companies with the products, solutions, and data and services necessary to engage, manage and monetize its mobile application audiences.

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Energy Services of America

• The Trade: Energy Services of America Corporation (NASDAQ:ESOA) Director Mark Prince bought a total of 14,000 shares at an average price of $8.17. To acquire these shares, it cost around $114,860.
• What's Happening: On March 6, Energy Services of America retained Three Part Advisors as investor relations counsel.
• What Energy Services of America Does: Energy Services of America Corporation is engaged in providing contracting services for energy-related companies.

Entrada Therapeutics

• The Trade: Entrada Therapeutics, Inc. (NASDAQ:TRDA) Director Peter S Kim bought a total of 2,732 shares at an average price of $12.81. The insider spent around $34,996 to buy those shares.
• What's Happening: On March 13, Entrada Therapeutics posted upbeat quarterly sales.
• What Entrada Therapeutics Does: Entrada Therapeutics Inc clinical-stage biopharmaceutical company aiming to transform the lives of patients by establishing a new class of medicines that engage intracellular targets that have long been considered inaccessible.