Although US stocks closed with gains on Wednesday, there was some notable insider trading.
When insiders buy shares, it reflects their belief in the company’s prospects or that they view the stock as a bargain. Either way, this represents an opportunity to go long on the stock. Insider buying should not be taken as the sole indicator for making investment or trading decisions. At best, it can give conviction for a buying decision.
Below is a look at some notable recent insider buys. For more, see Benzinga’s insider trading platform.
- Business: Lovesec Company Love director andrew r hair Total acquired 38,000 shares Average price of $22.28. About $ 846.77 thousand was spent in acquiring these shares.
- What is happening: Lovesac, last month reported a 15.5% year-over-year increase in sales to $134.80 million in the third quarter of fiscal 2022, topping the consensus estimate of $134.46 million.
- What LoveSec does: The LoveSec Company designs, manufactures and sells alternative furniture, including modular couches called sectionals and premium foam beanbag chairs called Sacks.
ACRES Commercial Realty
- Business: ACRES Commercial Realty Corp. ACR 10% owner Eagle Point DIF GP I LLC acquired a total of 17,556 shares in Average price of $19.40. About 340.57 thousand dollars were spent in acquiring these shares.
- What is happening: ACRES Commercial Realty recently declared a cash dividend on its preferred stock.
- What ACRES Commercial Realty does: ACRES Commercial Realty Corp. is a commercial real estate investment trust that focuses on real estate related properties and, to a lesser extent, commercial finance assets.
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- Business: Kineta, Inc. KA director raymond bartoszek Bought a total of 7,001 shares At an average price of $6.23. About $ 43.58 thousand was spent in acquiring these shares.
- What is happening: The company’s stock fell nearly 60% in the past six months.
- What Kineta does: Kineta Inc. is a clinical-stage biotechnology company with a mission to develop next-generation immunotherapies that transform patients’ lives.
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