Over $1M Bet On Citi Trends? Check Out These 3 Stocks Insiders Are Buying

Author: Avi Kapoor | April 24, 2024 10:03am

Although U.S. stocks closed higher on Tuesday, 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.

Lovesac

• The Trade: The Lovesac Company (NASDAQ:LOVE) EVP and CFO Keith R. Siegner acquired a total of 4,800 shares at an average price of $20.81. To acquire these shares, it cost around $99,864.
• What's Happening: On April 17, Maxim Group analyst Tom Forte initiated coverage on Lovesac with a Buy rating and announced a price target of $36.
• What Lovesac Does: The Lovesac Co designs, manufactures and sells alternative furniture which is comprised of modular couches called sactionals and premium foam beanbag chairs called sacs.

Citi Trends

• The Trade: Citi Trends, Inc. (NASDAQ:CTRN) 10% owner Pleasant Lake Partners LLC acquired a total of 65,495 shares at an average price of $22.07. To acquire these shares, it cost around $1.45 million.
• What's Happening: On March 19, Citi Trends reported worse-than-expected fourth-quarter financial results.
• What Citi Trends Does: Citi Trends Inc is a retailer of urban fashion apparel and accessories in the United States.

Don’t forget to check out our premarket coverage here

Richardson Electronics

• The Trade: Richardson Electronics, Ltd. (NASDAQ:RELL) Director Kenneth Halverson bought a total of 2,500 shares at an average price of $10.05. The insider spent around $25,123 to buy those shares.
• What's Happening: On April 10, Richardson Electronics posted upbeat quarterly earnings.
• What Richardson Electronics Does: Richardson Electronics Ltd provides engineered solutions, power grid, and microwave tubes and related consumables, power conversion, RF and microwave components, high-value flat panel detector solutions, replacement parts, tubes, and service training for diagnostic imaging equipment and customized display solutions.

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Posted In: CTRN LOVE RELL