$1 Million Bet On This Financial Services Stock? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed higher on Thursday, 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.

Coinbase Global

The Trade: Coinbase Global, Inc. COIN Director Tobias Lutke acquired a total of 16,747 shares an average price of $44.34. To acquire these shares, it cost around $742.51 thousand.
What’s Happening: Coinbase Global CEO Brian Armstrong expects the company’s revenue to be less than half of what it was in 2021 due to the so-called “crypto winter.”
What Coinbase Global Does: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States.

Six Flags Entertainment

The Trade: Six Flags Entertainment Corporation SIX CFO Gary Mick acquired a total of 9,500 shares at an average price of $21.75. To acquire these shares, it cost around $206.62 thousand.
What’s Happening: Six Flags Entertainment, last month, reported a third-quarter FY22 sales decline of 21% year-on-year to $504.83 million, missing the consensus of $560.17 million.
What Six Flags Entertainment Does: Six Flags Entertainment Corp owns and operates theme parks worldwide.

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Byline Bancorp

The Trade: Byline Bancorp, Inc. BY Director Antonio del Valle Perochena bought a total of 45,000 shares at an average price of $22.55. To acquire these shares, it cost around $1.01 million.
What’s Happening: The company, during October, posted upbeat Q3 results.
What Byline Bancorp Does: Byline Bancorp Inc is the holding company for Byline Bank, a full-service commercial bank serving small-and-medium-sized businesses, financial sponsors, and consumers.