Although the Nasdaq Composite dropped around 270 points 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.
Appian
- The Trade: Appian Corporation (NASDAQ: APPN) 10% owner Colin Moran acquired a total of 163,390 shares at at an average price of $43.95. To acquire these shares, it cost around $7.18 million.
- What’s Happening: Appian recently announced it has received a verdict from a jury in the Circuit Court for Fairfax County, Virginia, awarding it $2.036 billion in damages from Pegasystems for trade secret misappropriation.
- What Appian Does: Appian provides a leading low-code software development platform as a service that enables organizations to rapidly develop powerful and unique applications.
- The Trade: AdaptHealth Corp. (NASDAQ: AHCO) Director Matthew Ebbel acquired a total of 209,300 shares at an average price of $17.31. To acquire these shares, it cost around $3.62 million.
- What’s Happening: AdaptHealth recently reported better-than-expected Q1 results and announced a $200 million buyback.
- What AdaptHealth Does: AdaptHealth Corp is a provider of home healthcare equipment and related services.
Also check this: Executives Sell Around $325M Of 3 Stocks
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Old Point Financial
- The Trade: Old Point Financial Corporation (NASDAQ: OPOF) 10% owner John Palmer bought a total of 99,889 shares at an average price of $25.31. To acquire these shares, it cost around $2.53 million.
- What’s Happening: Old Point Financial recently declared a quarterly cash dividend of $0.13 per share.
- What Old Point Financial Does: Old Point Financial Corp functions in the financial services domain in the United States. As the holding company of The Bank and Trust, it is a nationally chartered trust and wealth management service, provider.
Read at Benzinga