Although US stocks closed higher 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.
- The Trade: GameStop Corp. GME Director Alain Attal acquired a total of 10,000 shares an average price of $22.40. To acquire these shares, it cost around $224 thousand.
- What’s Happening: GameStop reported worse-than-expected first-quarter results and announced it has appointed Ryan Cohen as executive chairman, terminating its former CEO.
- What GameStop Does: GameStop Corp., a specialty retailer, provides games and entertainment products through its stores and ecommerce platforms in the United States, Canada, Australia, and Europe.
Global Water Resources
- The Trade: Global Water Resources, Inc. GWRS Director Andrew Cohn acquired a total of 30,000 shares at an average price of $12.07. To acquire these shares, it cost around $362.1 thousand.
- What’s Happening: Global Water Resources posted upbeat quarterly results.
- What Global Water Resources Does: Global Water Resources, Inc., a water resource management company, owns, operates, and manages regulated water, wastewater, and recycled water systems primarily in metropolitan Phoenix and Tucson, Arizona.
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South Plains Financial
- The Trade: South Plains Financial, Inc. SPFI President Cory T. Newsom bought a total of 4,478 shares at an average price of $23.59. To acquire these shares, it cost around $105.64 thousand.
- What’s Happening: South Plains Financial reported a $15 million stock repurchase program.
- What South Plains Financial Does: South Plains Financial, Inc. operates as a bank holding company for City Bank that provides commercial and consumer financial services to small and medium-sized businesses and individuals.
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