US stock futures traded mixed this morning ahead of the inflation data due today. Investors, meanwhile, focused on some 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.
Arcellx
- The Trade: Arcellx, Inc. (NASDAQ:ACLX) Director Jill Carroll acquired a total of 5,500,007 shares at an average price of $15.00. To acquire these shares, it cost around $25 million.
- What’s Happening: The company recently priced its IPO at $15 per share.
- What Arcellx Does: Arcellx Inc is a clinical-stage biotechnology company reimagining cell therapy through the development of innovative immunotherapies for patients with cancer and other incurable diseases.
PennyMac Financial Services
- The Trade: PennyMac Financial Services, Inc. (NYSE:PFSI) Director Farhad Nanji acquired a total of 256,628 shares at an average price of $59.43. To acquire these shares, it cost $15.25 million.
- What’s Happening: PennyMac Financial recently reported Q4 earnings of $2.79 per share on sales of $693.81 million.
- What PennyMac Financial Does: PennyMac Financial Services Inc is a United States-based financial services company primarily engaged in mortgage lending.
Also check this: Executives Sell More Than $210M Of 5 Stocks
PayPal
- The Trade: PayPal Holdings, Inc. (NASDAQ:PYPL) Director David W Dorman bought a total of 8,400 shares at an average price of $119.33. To acquire these shares, it cost around $1 million.
- What’s Happening: PayPal recently reported worse-than-expected Q4 EPS results.
- What PayPal Does: PayPal was spun off from eBay in 2015 and provides electronic payment solutions to merchants and consumers, with a focus on online transactions.
Leslie's
- The Trade: Leslie's, Inc. (NASDAQ:LESL) CEO Michael R Egeck bought a total of 101,700 shares at an average price of $19.66. The insider spent around $2 million to buy those shares.
- What’s Happening: Leslies recently reported better-than-expected Q1 sales results and raised FY22 EPS and sales guidance.
- What Leslie's Does: Leslies Inc is a direct-to-consumer pool and spa care brand offering a comprehensive assortment of products across chemicals, equipment and parts, cleaning and maintenance equipment, and safety, recreational, and fitness-related products.
