Although U.S. stocks closed higher 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.

Lyft

• The Trade: Lyft, Inc. (NASDAQ:LYFT) CEO John David Risher acquired a total of 51,815 shares at an average price of $9.67. To acquire these shares, it cost around $501,025.
• What's Happening: On Aug. 7, Lyft reported second-quarter adjusted EPS of 24 cents, which beat the analyst consensus estimate of 19 cents.
• What Lyft Does: Lyft is the second-largest ride-sharing service provider in the US and Canada, connecting riders and drivers over the Lyft app.

Huntsman

• The Trade: Huntsman Corporation (NYSE:HUN) Exec VP, GC and Sec David M Stryker acquired a total of 2,500 shares at an average price of $20.11. To acquire these shares, it cost around $50,273.
• What's Happening: On Aug. 5, Huntsman posted in-line quarterly earnings.
• What Huntsman Does: Huntsman Corp is a US-based manufacturer of differentiated organic chemical products.

Bloomin' Brands

• The Trade: Bloomin' Brands, Inc. (NASDAQ:BLMN) Director Julie T. Kunkel bought a total of 1,000 shares at an average price of $15.65. To acquire these shares, it cost around $15,650.
• What's Happening: On Aug. 6, Bloomin' Brands reported second-quarter adjusted EPS of 51 cents, missing the analyst consensus of 58 cents.
• What Bloomin' Brands Does: Bloomin Brands Inc operates as a casual dining restaurant company.

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