Insiders Buying Bank of America And 3 Other Stocks

Author: Lisa Levin | November 06, 2023 07:58am

Although U.S. stocks closed higher on Friday following October’s jobs report, 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.

Asana

• The Trade: Asana, Inc. (NYSE:ASAN) President, CEO and Chair Dustin Moskovitz acquired a total of 237,015 shares an average price of $17.50. To acquire these shares, it cost around $4.15 million.
• What’s Happening: Piper Sandler recently downgraded Asana from Neutral to Underweight and lowered the price target from $24 to $16.
• What Asana Does: Asana Inc is a software company. The company provides a platform for work management that helps teams orchestrate work, from daily tasks to cross-functional strategic initiatives.

Neogen

• The Trade: Neogen Corporation (NASDAQ:NEOG) Director William Boehm acquired a total of 2,000 shares at an average price of $16.06. To acquire these shares, it cost around $32,110.
• What’s Happening: Neogen reported weaker-than-expected results for its first quarter.
• What Neogen Does: Neogen Corporation, headquartered in Lansing, Michigan, develops, manufactures, and markets various products for food and animal safety.

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Bank of America

• The Trade: Bank of America Corporation (NYSE:BAC) Director Thomas D Woods bought a total of 25,000 shares at an average price of $26.25. To acquire these shares, it cost around $656,250..
• What’s Happening: Bank of America reported better-than-expected third-quarter financial results.
• What Bank of America Does: Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets.

The Bancorp

• The Trade: The Bancorp, Inc. (NASDAQ:TBBK) Director Matthew Cohn bought a total of 17,980 shares at an average price of $38.00. The insider spent around $683,200 to buy those shares.
• What’s Happening: The company posted weaker-than-expected earnings for its third quarter.
• What The Bancorp Does: The Bancorp Inc is a financial holding company, through its subsidiary it is engaged in specialty lending namely securities-backed lines of credit, vehicle fleet and another equipment leasing, Small Business Administration lending, and commercial mortgage-backed loans, generated for sale into commercial mortgage-backed securities markets through securitizations.

 

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Posted In: ASAN BAC NEOG TBBK