When insiders buy stock, it indicates that they are confident in the company’s prospects or that they view the stock as a bargain. Either way, this indicates a chance to go long on the stock. Insider purchases should not be considered the sole indicator for making an investment or trading decision. At best, it can convince a purchase decision.
Below are some recent notable insider purchases. For more, check out Benzinga’s Insider Trading platform.
The trade: Cricut, Inc. (NASDAQ: CRCT) 10% owner Abdiel Capital Management Llc, Abdiel Qualified Master Fund Lp, Abdiel Capital Lp, Abdiel Capital Advisors Lp, Colin Moran acquired a total of 88642 shares at an average price of $28.41. The insider spent $2,518,272.12 to acquire that stock.
What is going on: Barclays downgraded Cricut’s rating from Overweight to Equal-Weight last week.
What Cricut does: Cricut Inc designs and builds a creativity platform that allows users to turn ideas into professional looking handmade products.
The trade: Myovant Sciences Ltd. (NYSE: MYOV) 10% owner Sumitomo Chemical Co Ltd, Dainippon Sumitomo Pharma Co Ltd, Sumitovant Biopharma Ltd acquired a total of 63008 shares at an average price of $22.40. To acquire these shares, it cost $1,411,426.82.
What is going on: Myovant Sciences recently appointed Uneek Mehra as Chief Financial and Business Officer.
What Myovant Sciences does: Myovant Sciences is a healthcare company focused on redefining healthcare for women and men.
The trade: Nautilus Biotechnology, Inc. (NASDAQ: NAUT) Director Matt McIlwaina bought a total of 36970 shares at an average price of $7.71. The insider spent $285,040.80 to acquire those shares.
What is going on: The company reported a larger-than-expected quarterly loss earlier this month.
What Nautilus Biotechnology Does: Nautilus Biotechnology Inc is a development stage life sciences company creating a platform technology to quantify and unlock the complexities of the human proteome.
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