While the U.S. stock market closed lower on Friday, a few insider trades stood out, potentially signaling an optimistic outlook for certain companies. When insiders purchase shares of their own company, it often suggests their belief in the company’s future prospects or their view of the stock as undervalued. This can be a valuable signal for investors considering going long on a particular stock. It’s important to remember that insider purchases are not the sole determining factor for investment decisions, but they can add weight to a potential buying decision.
Here’s a look at some recent notable insider purchases:
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Domo (DOMO):
David R Jolley, the CFO of Domo, Inc., acquired 10,000 shares at an average price of $6.99, totaling around $69,875. This purchase comes on the heels of Domo’s strong quarterly results, exceeding expectations on August 29th. Domo provides a cloud-based platform that connects data, systems, and people within an organization, offering real-time data and insights for better business management.*
Phibro Animal Health (PAHC):
E Thomas Corcoran, a director at Phibro Animal Health Corporation, bought 5,000 shares at an average price of $20.02, costing approximately $100,100. This purchase follows Phibro Animal Health’s positive quarterly earnings report on August 28th. Phibro Animal Health is a diversified company focused on animal health and mineral nutrition.*
BJ’s Restaurants (BJRI):
C Bradford Richmond, the interim CEO of BJ’s Restaurants, Inc., acquired 2,500 shares at an average price of $29.40, costing around $73,500. This purchase follows the announcement of the appointment of a new President and Chief Concept Officer on September 3rd. BJ’s Restaurants operates a chain of casual dining restaurants.While insider buying can be a promising sign, it’s always wise to conduct thorough research and consider other factors before making investment decisions.
