$1.5M Bet On Vestis? Check Out These 4 Stocks Insiders Are Buying

Author: Avi Kapoor | May 21, 2024 07:44am

Although U.S. stocks closed mixed 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.

Global Partners

The Trade: Global Partners LP (NYSE:GLP) Global GP LLC acquired a total of 30,000 shares an average price of $44.19. To acquire these shares, it cost around $1.33 million.
What's Happening: On May 8, Global Partners posted downbeat quarterly results.
What Global Partners Does: Global Partners LP is an U.S.-based limited partnership that acts as a midstream logistics and marketing company.

Vestis

The Trade: Vestis Corporation (NYSE:VSTS) 10% owner Keith A. Meister acquired a total of 116,044 shares at an average price of $12.59. To acquire these shares, it cost around $1.46 million.
What's Happening: On May 7, Redburn Atlantic analyst Oliver Davies downgraded Vestis from Buy to Neutral.
What Vestis Does: Vestis Corp is a provider of uniform rentals and workplace supplies across the United States and Canada.

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Citi Trends

The Trade: Citi Trends, Inc. (NASDAQ:CTRN) 10% owner Pleasant Lake Partners LLC bought a total of 41,450 shares at an average price of $22.85. To acquire these shares, it cost around $946,940.
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.

HF Sinclair

The Trade: HF Sinclair Corporation (NYSE:DINO) Director Franklin Myers bought a total of 6,500 shares at an average price of $57.37. The insider spent around $372,905 to buy those shares.
What's Happening: On May 8, HF Sinclair reported mixed first-quarter financial results and announced a new $1 billion stock buyback.
What HF Sinclair Does: HF Sinclair is an integrated petroleum refiner that owns and operates seven refineries serving the Rockies, midcontinent, Southwest, and Pacific Northwest, with a total crude oil throughput capacity of 678,000 barrels per day.

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Posted In: CTRN DINO GLP VSTS