Although U.S. stock futures traded higher this morning 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.
MoonLake Immunotherapeutics
- The Trade: MoonLake Immunotherapeutics (NASDAQ:MLTX) 10% owner Bihua Chen acquired a total of 5,635,000 shares at an average price of $10.00. To acquire these shares, it cost around $28.5 million.
- What’s Happening: The company’s stock gained around 6% over the past six months.
- What MoonLake Immunotherapeutics Does: MoonLake Immunotherapeutics AG, headquartered in Zug, Switzerland, focused on creating therapies for inflammation.
Duolingo
- The Trade: Duolingo, Inc. (NASDAQ:DUOL) 10% owner Durable Capital Partners Lp acquired a total of 255,669 shares at an average price of $100.47. To acquire these shares, it cost around $25.69 million.
- What’s Happening: Keybanc, last month, upgraded Duolingo from Sector Weight to Overweight and announced a $112 price target.
- What Duolingo Does: Duolingo Inc is a mobile learning platform to learn languages and the top-grossing app in the Education category on both Google Play and the Apple App Store.
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Also check this: Executives Buy More Than $1.5M Of 3 Penny Stocks
GMS
- The Trade: GMS Inc. (NYSE:GMS) 10% owner Christopher Shackelton bought a total of 40,000 shares at an average price of $47.89. To acquire these shares, it cost around $1.92 million.
- What’s Happening: GMS was recently initiated by Loop Capital analyst Jeffrey Stevenson, with a Buy rating and a price target of $62.
- What GMS Does: GMS Inc is a distributor of specialty building products including wallboard, suspended ceilings systems, or ceilings, steel framing, and other complementary building products.
