$4M Bet On Enphase Energy? Check Out These 3 Stocks Insiders Are Buying

Author: Lisa Levin | September 19, 2023 06:47am

Although U.S. stocks closed slightly 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.

Enphase Energy

• The Trade: Enphase Energy, Inc. (NASDAQ:ENPH) Director Thurman J Rodgers acquired a total of 32,600 shares an average price of $122.76. To acquire these shares, it cost around $4 million.
• What’s Happening: Enphase Energy expanded solar and battery storage deployments in Australia.
• What Enphase Energy Does: Enphase Energy is a global energy technology company. The company delivers smart, easy-to-use solutions that manage solar generation, storage, and communication on one platform.

Semtech

• The Trade: Semtech Corporation (NASDAQ:SMTC) Director Paul V. Walsh Jr. acquired a total of 20,000 shares at an average price of $24.83. To acquire these shares, it cost around $496,520.
• What’s Happening: Semtech reported better-than-expected second-quarter results but issued weak third-quarter guidance.
• What Semtech Does: Semtech Corp is engaged in designing, developing, manufacturing and marketing analog and mixed-signal semiconductors, algorithms and wireless semiconductors, connectivity modules, gateways, routers and connected services for IoT.

Don’t forget to check out our premarket coverage here

Unifi

• The Trade: Unifi, Inc. (NYSE:UFI) Director Kenneth Langone bought a total of 7,800 shares at an average price of $7.01. To acquire these shares, it cost around $54,690.
• What’s Happening: Unifi posted a wider-than-expected quarterly loss.
• What Unifi Does: Unifi Inc is a multi-national company. It manufactures and sells innovative synthetic and recycled products made from polyester and nylon primarily to other yarn manufacturers and knitters and weavers that produce fabric for the apparel, hosiery, home furnishings, automotive, industrial and other end-use markets.

Check This Out: Top 5 Risk Off Stocks That Are Set To Fly This Month

Posted In: ENPH SMTC UFI