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Although US stocks closed higher on Monday, 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.
E.W. Scripps Company
- The Trade: The E.W. Scripps Company SSP 10% owner William A Scripps acquired a total of 101,496 shares an average price of $12.26. To acquire these shares, it cost around $1.24 million.
- What’s Happening: The E.W. Scripps Company is expected to report third-quarter 2022 operating results on Tuesday, November 8.
- What E.W. Scripps Does: The E W Scripps Co is a media enterprise with interests in local and national media brands.
Varonis Systems
- The Trade: Varonis Systems, Inc. VRNS SVP Worldwide Sales James Oboyle acquired a total of 60,000 shares at at an average price of $16.72. To acquire these shares, it cost around $1 million.
- What’s Happening: Varonis Systems recently reported worse-than-expected Q3 results.
- What Varonis Systems Does: Varonis Systems Inc provides software solutions that protect data from insider threats and cyber attacks.
Don’t forget to check out our premarket coverage here .
Also check this: Dow Jumps More Than 400 Points, Market Volatility Increases
Global Payments
- The Trade: Global Payments Inc. GPN Director M. Troy Woods bought a total of 5,247 shares at an average price of $95.26. To acquire these shares, it cost around $499.83 thousand.
- What’s Happening: Global Payments recently reported third-quarter FY22 adjusted net revenue growth of 3% year-on-year (6% Y/Y in constant currency) to $2.06 billion, beating the consensus of $2.04 billion.
- What Global Payments Does: Global Payments is a leading provider of payment processing and software solutions and focuses on serving small and midsize merchants.
Nuvalent
- The Trade: Nuvalent, Inc. NUVL 10% owner Deerfield Private Design Fund IV, L.P. bought a total 650,000 shares at an average price of $33.50. The insider spent around $21.77 million to buy those shares.
- What’s Happening: Nuvalent recently reported pricing of $230 million public offering of 6,865,672 shares of Class A common stock at a price of $33.50 per share.
- What Nuvalent Does: Nuvalent Inc is a biopharmaceutical company focused on creating precisely targeted therapies for patients with cancer, designed to overcome the limitations of existing therapies for clinically proven kinase targets.
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Image and article originally from www.benzinga.com. Read the original article here.