Insiders Buying Redfin And 2 Other Stocks

Although US stocks closed slightly lower on Wednesday, 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.

Rocket Companies

• The Trade: Rocket Companies, Inc. RKT CEO Jay Farner acquired a total of 87,900 shares an average price of $6.81. To acquire these shares, it cost around $598.8 thousand.
• What’s Happening: Rocket Companies recently announced two major leadership changes, including the retirement of CFO Julie Booth.
• What Rocket Companies Does: Rocket Companies is a financial services company that was originally founded as Rock Financial in 1985 and is currently based in Detroit.

Taylor Devices

• The Trade: Taylor Devices, Inc. TAYD Director Robert M. Carey acquired a total of 2,500 shares at an average price of $10.70. To acquire these shares, it cost around $26.74 thousand.
• What’s Happening: Taylor Devices recently posted Q1 EPS of $0.29.
• What Taylor Devices Does: Taylor Devices Inc is involved in the design, development, manufacture, and marketing of shock absorption, rate control, and energy storage devices for use in various types of machinery, equipment, and structures.

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Redfin

• The Trade: Redfin Corporation RDFN Director James Slavet bought a total of 6,667 shares at an average price of $5.81. To acquire these shares, it cost around $38.72 thousand.
• What’s Happening: The company’s stock tumbled 20% over the past month.
• What Redfin Does: Redfin Corp is an Internet-based real estate broker that notably pays its agents a salary as opposed to the traditional model of splitting a percentage of total commission, allowing it to charge homesellers a smaller fee to list.