Although US stocks closed lower on Tuesday amid the ongoing Russia-Ukraine tensions, 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.
Cytek Biosciences
- The Trade: Cytek Biosciences, Inc. (NASDAQ:CTKB) Director Rajeev Shah acquired a total of 647,264 shares at an average price of $12.74. To acquire these shares, it cost around $8.25 million.
- What’s Happening: The company, last month, posted upbeat quarterly sales.
- What Cytek Biosciences Does: Cytek Biosciences Inc is a cell analysis solutions company advancing the next generation of cell analysis tools by leveraging novel technical approaches.
US Foods
- The Trade: US Foods Holding Corp. (NYSE:USFD) Director Robert Dutkowsky acquired a total of 31,000 shares at an average price of $32.91. To acquire these shares, it cost around $1.02 million.
- What’s Happening: The company, last month, reported weaker-than-expected Q4 results
- What US Foods Does: US Foods is the second- largest U.S. food-service distributor behind Sysco, holding 10% market share of the highly fragmented food-service distribution industry.
Also check this: 3 Penny Stocks Insiders Are Buying
Dow
- The Trade: Dow Inc. (NYSE:DOW) Director Jacqueline C Hinman bought a total of 3,000 shares at an average price of $58.37. To acquire these shares, it cost around $175.11 thousand.
- What’s Happening: Dow, during January, reported better-than-expected Q4 EPS and sales results.
- What Dow Does: Dow Inc is a diversified chemical manufacturing company. It combining science and technology to develop innovative solutions that are essential to human progress.
Madison Square Garden Sports
- The Trade: Madison Square Garden Sports Corp. (NYSE:MSGS) President and CEO Andrew Lustgarten bought a total of 6,000 shares at an average price of $166.00. The insider spent around $1 million to buy those shares.
- What’s Happening: Madison Square Garden, last month, posted Q2 EPS of $0.65.
- What Madison Square Garden Sports Does: Madison Square Garden Sports Corp is engaged in live sports and entertainment business.
