Although U.S. stocks closed lower on Tuesday, 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.

Ready Capital

• The Trade: Ready Capital Corporation (NYSE:RC) Director Gilbert E Nathan acquired a total of 9,150 shares an average price of $9.13. To acquire these shares, it cost around $83,461.
• What's Happening: On Feb. 27, Ready Capital posted downbeat quarterly results.
• What Ready Capital Does: Ready Capital Corp is a real estate finance company. It acquires, manages, originates, and finances small-balance commercial loans to purchase small multi-family, office, retail, mixed-use, or warehouse properties.

American Coastal Insurance

• The Trade: American Coastal Insurance Corporation (NASDAQ:ACIC) Director Kern Michael Davis acquired a total of 1,572 shares at an average price of $10.13. To acquire these shares, it cost around $15,915.
• What's Happening: On Feb. 29, American Coastal posted upbeat quarterly earnings.
• What American Coastal Insurance Does: American Coastal Insurance Corp is a holding company that underwrites commercial residential property and casualty insurance policies in the United States through its wholly-owned insurance subsidiary.

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Legacy Housing

• The Trade: Legacy Housing Corporation (NASDAQ:LEGH) Director Jeffrey Kyle Stouder bought a total of 5,050 shares at an average price of $19.90. To acquire these shares, it cost around $100,495.
• What's Happening: On March 15, Legacy Housing reported worse-than-expected fourth-quarter financial results.
• What Legacy Housing Does: Legacy Housing Corp builds, sell, and finance manufactured homes and tiny houses that are distributed through a network of independent retailers and company-owned stores and also sold directly to manufactured home communities.