Although Dow Jones futures traded higher this morning 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 Moran acquired a total of 784,538 shares at at an average price of $45.13. To acquire these shares, it cost around $35.4 million.
- What’s Happening: The company recently posted upbeat quarterly results.
- What Appian Does: Appian Corp provides a leading low-code software development platform as a service that enables organizations to rapidly develop powerful and unique applications.
Kymera Therapeutics
- The Trade: Kymera Therapeutics, Inc. (NASDAQ:KYMR) Director Mark Lampert acquired a total of 250,000 shares at an average price of $19.46. To acquire these shares, it cost around $4.87 million.
- What’s Happening: Kymera Therapeutics recently reported worse-than-expected Q1 EPS and sales results.
- What Kymera Therapeutics Does: Kymera Therapeutics Inc is a biotechnology company pioneering a transformative new approach to treating previously untreatable diseases.
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Also check this: 4 Stocks Under $2 Insiders Are Aggressively Buying
iHeartMedia
- The Trade: iHeartMedia, Inc. (NASDAQ:IHRT) 10% owner Tabor Michael bought a total of 7,167,933 shares at an average price of $13.31. To acquire these shares, it cost around $95.42 million.
- What’s Happening: The company recently posted upbeat quarterly sales.
- What iHeartMedia Does: iHeartMedia Inc is a US-based diversified media and entertainment company. It operates through the segments of the Multiplatform Group, the Digital Audio Group and the Audio & Media Services Group.
Uber Technologies
- The Trade: Uber Technologies, Inc. (NYSE:UBER) CEO Dara Khosrowshahi bought a total of 200,000 shares at an average price of $26.73. The insider spent around $5.35 million to buy those shares.
- What’s Happening: Uber Technologies will cut costs to turn into a leaner business model to address a “seismic shift” in investor sentiment, CNBC reported on Monday, citing CEO Dara Khosrowshahi’s letter to employees.
- What Uber Technologies Does: Uber Technologies is a technology provider that matches riders with drivers, hungry people with restaurants and food delivery service providers, and shippers with carriers.
