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.
The Trade: GoodRx Holdings, Inc. (NASDAQ: GDRX) 10% owner Abdiel Capital Management Llc, Abdiel Qualified Master Fund Lp, Abdiel Capital Lp, Abdiel Capital Advisors Lp, Colin Moran acquired a total of 473133 shares at an average price of $41.15. The insider spent $19,468,871.71 to acquire those shares.
What’s Happening: Barclays, last week, upgraded the stock from Equal-Weight to Overweight and announced a $45 price target.
What GoodRx Does: GoodRx Holdings provides digital healthcare platform that provides prescription drugs at affordable prices.
The Trade: Chipotle Mexican Grill, Inc. (NYSE: CMG) Director Pershing Square Capital Management Lp, PS Management Gp Llc, William Ackman acquired a total of 41208 shares at an average price of $1,910.07. To acquire these shares, it cost $78,710,344.78.
What’s Happening: Cowen & Co, on Wednesday, maintained Chipotle with an Outperform and raised the price target from $2080 to $2250.
What Chipotle Does: Chipotle Mexican Grill is the largest fast-casual chain restaurant in the United States, with systemwide sales approaching $6 billion in 2020.
The Trade: The Howard Hughes Corporation (NYSE: HHC) Director Pershing Square Capital Management Lp, PS Management Gp Llc, William Ackman bought a total of 150156 shares at an average price of $92.00. The insider spent $13,814,352.00 to acquire those shares.
What’s Happening: The company, last month, reported a profit for the second quarter
What Howard Hughes Does: The Howard Hughes is a real estate company that develops master-planned communities (MPCs) and is involved in other strategic real estate development opportunities across the United States.
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