Although U.S. stocks closed mixed 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.
Appian
- The Trade: Appian Corporation (NASDAQ:APPN) 10% owner Colin T. Moran acquired a total of 610,222 shares at an average price of $31.28. To acquire these shares, it cost around $18.94 million.
- What's Happening: On May 2, Appian reported worse-than-expected quarterly earnings.
- What Appian Does: Appian is a low-code enterprise platform-as-a-service company focusing on business process management.
GameStop
- The Trade: GameStop Corp. (NYSE:GME) Director Lawrence Cheng acquired a total of 4,140 shares at an average price of $24.85. To acquire these shares, it cost around $102,879.
- What's Happening: During the last month's annual shareholder meeting, CEO Ryan Cohen delivered a brief but focused statement on the company's future, emphasizing a strategic pivot towards profitability through cost reduction and a streamlined retail presence.
- What GameStop Does: GameStop Corp is a U.S. multichannel video game, consumer electronics, and services retailer.
Citi Trends
The Trade: Citi Trends, Inc. (NASDAQ:CTRN) 10% owner Pleasant Lake Partners LLC bought a total of 3,000 shares at an average price of $19.34. To acquire these shares, it cost around $58,020.
What's Happening: On June 4, Citi Trends posted a narrower-than-expected quarterly loss.
What Citi Trends Does: Citi Trends Inc is a retailer of urban fashion apparel and accessories in the United States.
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