3 Stocks Insiders Are Buying: Lovesac And More

Although US stocks closed higher 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.

Lovesac

• The Trade: The Lovesac Company LOVE Director Andrew R Heyer acquired a total of 38,000 shares an average price of $22.28. To acquire these shares, it cost around $846.77 thousand.
• What’s Happening: Lovesac, last month reported third-quarter FY22 sales growth of 15.5% year-on-year to $134.80 million, beating the consensus of $134.46 million.
• What Lovesac Does: The Lovesac Co designs, manufactures and sells alternative furniture which is comprised of modular couches called sactionals and premium foam beanbag chairs called sacs.

ACRES Commercial Realty

• The Trade: ACRES Commercial Realty Corp. ACR 10% owner Eagle Point DIF GP I LLC acquired a total of 17,556 shares at an average price of $19.40. To acquire these shares, it cost around $340.57 thousand.
• What’s Happening: ACRES Commercial Realty recently declared cash dividends 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 assets and, to a lesser extent, commercial finance assets.

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Kineta

• The Trade: Kineta, Inc. KA Director Raymond Bartoszek bought a total of 7,001 shares at an average price of $6.23. To acquire these shares, it cost around $43.58 thousand.
• What’s Happening: The company’s stock tumbled around 60% over 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.