$1.5M Bet On This Tech Stock? Check Out These 3 Stocks Insiders Are Buying

Mar 13, 2024

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.

United Natural Foods

  • The Trade: United Natural Foods, Inc. (NYSE:UNFI) CFO John W Howard acquired a total of 6,275 shares an average price of $11.99. To acquire these shares, it cost around $75,237.
  • What’s Happening: On March 6, United Natural reported second-quarter adjusted earnings per share of 7 cents, beating the analyst consensus of 1 cent loss.
  • What United Natural Foods Does: United Natural Foods Inc is a wholesale distributor of natural, organic and specialty foods and nonfood products across North America.

EchoStar

  • The Trade: EchoStar Corporation (NASDAQ:SATS) Director James Defranco acquired a total of 110,000 shares at an average price of $13.48. To acquire these shares, it cost around $1.48 million.
  • What’s Happening: On March 11, JP Morgan analyst Philip Cusick maintained EchoStar with a Neutral and lowered the price target from $18 to $12.
  • What EchoStar Does: Following the Dish Network merger, satellite television provides the bulk of EchoStar’s revenue.

Don’t forget to check out our premarket coverage here

Medalist Diversified REIT

  • The Trade: Medalist Diversified REIT, Inc. (NASDAQ:MDRR) CEO and President Frank Kavanaugh bought a total of 36,801 shares at an average price of $5.61. To acquire these shares, it cost around $206,476.
  • What’s Happening: The company’s stock gained around 7% over the past month.
  • What Medalist Diversified REIT Does: Medalist Diversified REIT Inc is engaged in the acquisition, reposition, renovation, leasing, and managing of income-producing properties with a focus on commercial properties, including flex-industrial and retail properties, multi-family residential properties, and hotel properties.

 

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