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.
Simon Property Group
- The Trade: Simon Property Group, Inc. (NYSE:SPG) Chief Administrative Officer John Rulli acquired a total of 13924 shares at an average price of $122.55. To acquire these shares, it cost $996,331.50. The insider also sold a total of 1702 shares.
- What’s Happening: The company’s stock gained around 28% over the previous six months.
- What Simon Property Group Does: Simon Property Group is the second- largest real estate investment trust in the United States. Its portfolio includes an interest in 207 properties: 106 traditional malls, 69 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center, and big-box retailers), four lifestyle centers, and 14 other retail properties.
- The Trade: Purple Innovation, Inc. (NASDAQ:PRPL) Director Coliseum Capital Coinvest Iii Lp acquired a total of 310000 shares at an average price of $13.25. To acquire these shares, it cost $4,107,500.00.
- What’s Happening: Purple Innovation, last month, said it anticipates FY21 net sales and adjusted EBITDA at the low end of the prior guidance ranges.
- What Purple Innovation Does: Purple Innovation Inc is a comfort innovation company. The company designs, manufactures and sells a range of comfort technology offerings, including mattresses, a pillow, cushions, sheets, bed platforms, and other products.
- The Trade: Reata Pharmaceuticals, Inc. (NASDAQ:RETA) COO and CFO Singh Manmeet Soni bought a total of 16000 shares at an average price of $26.22. To acquire these shares, it cost 419,564.80.
- What’s Happening: Reata Pharmaceuticals, last month, announced the outcome of the FDA Advisory Committee meeting on bardoxolone methyl for the treatment of patients with chronic kidney disease caused by Alport syndrome. The committee voted ‘No’ on a question regarding effectiveness.
- What Reata Pharmaceuticals Does: Reata Pharmaceuticals Inc is a clinical-stage biopharmaceutical company focused on identifying, developing, and commercializing therapeutics to address serious and life-threatening diseases by targeting molecular pathways.