Although U.S. stocks closed higher on Wednesday, 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.

Appian

• The Trade: Appian Corporation (NASDAQ:APPN) 10% owner Colin T. Moran acquired a total of 437,187 shares at an average price of $29.04. To acquire these shares, it cost around $12.8 million.
• What's Happening: On Aug. 1, Appian posted upbeat quarterly results.
• What Appian Does: Appian is a low-code enterprise platform-as-a-service company focusing on business process management.

Pebblebrook Hotel Trust

• The Trade: Pebblebrook Hotel Trust (NYSE:PEB) Chairman and CEO Jon E Bortz acquired a total of 30,000 shares at an average price of $12.24. To acquire these shares, it cost around $367,340.
• What's Happening: On July 24, Pebblebrook Hotel posted upbeat quarterly earnings.
• What Pebblebrook Hotel Trust Does: Pebblebrook Hotel Trust currently owns upper upscale and luxury hotels with 11,924 rooms across 46 hotels in the United States.

Warby Parker

• The Trade: Warby Parker Inc. (NYSE:WRBY) Director Bradley E Singer bought a total of 75,000 shares at an average price of $12.88. To acquire these shares, it cost around $965,750.
• What's Happening: On Aug. 8, Warby Parker reported better-than-expected second-quarter financial results and raised its FY24 revenue guidance.
• What Warby Parker Does: Warby Parker Inc is engaged in designing and developing designer prescription glasses and contacts, and providing the facility of eye exams and vision tests.

Bassett Furniture Industries

• The Trade: Bassett Furniture Industries, Incorporated (NASDAQ:BSET) Chairman and CEO Robert H Spilman Jr bought a total of 1,700 shares at an average price of $12.74. The insider spent around $21,656 to buy those shares.
• What's Happening: On July 10, Bassett Furniture posted weak quarterly results.
• What Bassett Furniture Industries Does: Bassett Furniture Industries Inc is a manufacturer, marketer, and retailer of home furnishings products in the United States.

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