Although U.S. stocks closed mixed on Friday, 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.

Citi Trends

• The Trade: Citi Trends, Inc. (NASDAQ:CTRN) 10% owner Pleasant Lake Partners LLC acquired a total of 75,015 shares at an average price of $21.74. To acquire these shares, it cost around $1.63 million.
• What's Happening: On June 5, Craig-Hallum analyst Jeremy Hamblin maintained Citi Trends with a Hold and lowered the price target from $27 to $25..
• What Citi Trends Does: Citi Trends Inc is a retailer of urban fashion apparel and accessories in the United States.

PBF Energy

• The Trade: PBF Energy Inc. (NYSE:PBF) 10% owner Control Empresarial de Capitales S.A. de C.V. acquired a total of 521,400 shares at an average price of $44.26. To acquire these shares, it cost around $23.08 million.
• What's Happening: PBF Energy is expected to release its earnings results for the second quarter on Thursday, August 1.
• What PBF Energy Does: PBF Energy Inc is an independent petroleum refiner and supplier of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States.

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Old Point Financial

• The Trade: Old Point Financial Corporation (NASDAQ:OPOF) 10% owner John W Palmer bought a total of 83,169 shares at an average price of $14.80. To acquire these shares, it cost around $1.23 million.
• What's Happening: On May 22, Old Point Financial declared a quarterly cash dividend of 14 cents per share on its common stock.
• What Old Point Financial Does: Old Point Financial Corp functions in the financial services domain in the United States.

Ouster

• The Trade: Ouster, Inc. (NYSE:OUST) Director Virginia Boulet bought a total of 10,000 shares at an average price of $10.30. The insider spent around $102,969 to buy those shares.
• What's Happening: On May 22, Cantor Fitzgerald analyst Andres Sheppard downgraded Ouster from Overweight to Neutral and raised the price target from $8 to $13.
• What Ouster Does: Ouster Inc is a provider of lidar sensors for the automotive, industrial, robotics, and smart infrastructure industries.