Insiders Buy Around $81M Of 4 Stocks

Although the Dow Jones dropped around 150 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.

Carvana

• The Trade: Carvana Co. CVNA 10% owner Verde Investments Inc acquired a total of 1,985,258 shares at at an average price of $21.18. To acquire these shares, it cost around $42.05 million.
• What’s Happening: Stephens & Co. recently maintained Carvana with an Equal-Weight and lowered the price target from $100 to $38.
• What Carvana Does: Carvana Co is an e-commerce platform for buying and selling used cars. The company derives revenue from used vehicle sales, wholesale vehicle sales and other sales and revenues.

Avis Budget Group

• The Trade: Avis Budget Group, Inc. CAR Executive Chairman Bernardo Hees acquired a total of 29,400 shares at an average price of $168.69. To acquire these shares, it cost around $4.96 million.
• What’s Happening: Morgan Stanley recently maintained Avis Budget with an Underweight and lowered the price target from $168 to $156.
• What Avis Budget Does: Avis Budget Group Inc is a provider of automotive vehicle rental and car-sharing services. Its brands include Avis, Budget, and Zipcar.

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Also check this: Executives Sell More Than $211M Of 2 Stocks

Procore Technologies

• The Trade: Procore Technologies, Inc. PCOR Director William J.G. Griffith bought a total of 581,118 shares at an average price of $42.16. To acquire these shares, it cost around $24.5 million.
• What’s Happening: The company, last month, posted upbeat Q1 results.
• What Procore Technologies Does: Procore Technologies Inc is a cloud-based construction management software company. It generates revenue through subscriptions for access to its software products.

HireRight Holdings

• The Trade: HireRight Holdings Corporation HRT 10% owner Stone Point GP Ltd bought a total of 650,834 shares at an average price of $14.71. The insider spent around $9.57 million to buy those shares.
• What’s Happening: HireRight recently upsized its revolving credit facility to $145 million.
• What HireRight Holdings Does: HireRight Holdings Corp is a global provider of technology-driven workforce risk management and compliance solutions.