Over $10M Bet On This Industrial Stock? Check Out These 3 Stocks Insiders Are Buying

Author: Avi Kapoor | April 08, 2024 08:41am

Although U.S. stocks closed higher 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.

Eagle Bulk Shipping

• The Trade: Eagle Bulk Shipping Inc. (NYSE:EGLE) 10% owner Castor Maritime Inc. acquired a total of 169,635 shares an average price of $62.81. To acquire these shares, it cost around $10.65 million.
• What’s Happening: On April 5, Eagle shareholders approved merger with Star Bulk.
• What Eagle Bulk Shipping Does: Eagle Bulk Shipping Inc is a U.S.-based, fully integrated shipowner-operator, providing transportation solutions to miners, producers, traders and end users across the globe.

SentinelOne

• The Trade: SentinelOne, Inc. (NYSE:S) Director Mark S Peek acquired a total of 10,000 shares at an average price of $22.36. To acquire these shares, it cost around $223,596.
• What’s Happening: On April 1, JMP Securities analyst Trevor Walsh reiterated SentinelOne with a Market Outperform and maintained a $33 price target.
• What SentinelOne Does: SentinelOne is a cloud-based cybersecurity company specializing in endpoint protection. SentinelOne's primary offering is its Singularity platform that offers a single pane of glass for an enterprise to detect and respond to security threats attacking its IT infrastructure.

Don’t forget to check out our premarket coverage here

Bassett Furniture Industries

• The Trade: Bassett Furniture Industries, Incorporated (NASDAQ:BSET) Director John Walter McDowell bought a total of 1,000 shares at an average price of $14.67. To acquire these shares, it cost around $14,667.
• What’s Happening: On April 3, Bassett Furniture posted downbeat quarterly sales.
• What Bassett Furniture Industries Does: Bassett Furniture Industries Inc is a manufacturer, marketer, and retailer of home furnishings products in the United States.

 

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