Over $6M Bet On Citi Trends? Check Out These 3 Stocks Insiders Are Buying

Author: Lisa Levin | November 30, 2023 07:55am

Although U.S. stocks closed mixed on Wednesday, 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.

Citi Trends

• The Trade: Citi Trends, Inc. (NASDAQ:CTRN) 10% owner Pleasant Lake Onshore Feeder Fund LP acquired a total of 270,600 shares an average price of $22.95. To acquire these shares, it cost around $6.21 million.
• What’s Happening: On Nov. 28, Citi Trends reported a third-quarter sales decline of 6.7% year-on-year to $179.52 million compared to $192.32 million last year.
• What Citi Trends Does: Citi Trends Inc is a retailer of urban fashion apparel and accessories in the United States.

Lazydays Holdings

• The Trade: Lazydays Holdings, Inc. (NASDAQ:LAZY) 10% owner Christopher Shackelton acquired a total of 232,373 shares at an average price of $6.50. To acquire these shares, it cost around $1.51 million.
• What’s Happening: On Nov. 22, Lazydays announced the acquisition of Orangewood RV Center, an RV dealership located in Surprise, Arizona.
• What Lazydays Holdings Does: Lazydays Holdings Inc operates recreational vehicle dealerships. It provides products and services for RV owners and outdoor enthusiasts.

Don’t forget to check out our premarket coverage here

Westrock Coffee

• The Trade: Westrock Coffee Company (NASDAQ:WEST) Director Joe T Ford bought a total of 20,000 shares at an average price of $9.35. To acquire these shares, it cost around $187,000.
• What’s Happening: On Nov. 9, Westrock Coffee reported worse-than-expected third-quarter sales results and issued guidance.
• What Westrock Coffee Does: Westrock Coffee Co is an integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the U.S, providing coffee sourcing, supply chain management, product development, roasting, packaging, and distribution services to retail, foodservice and restaurant, convenience store and travel center, non-commercial account, CPG, and hospitality industries around the world.

 

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