$50M Bet On Coinbase Global? Check Out These 4 Stocks Insiders Are Buying

Although US stocks closed mixed 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 Frederick Ernest Ehrsam III acquired a total 810,000 shares an average price of $61.77. To acquire these shares, it cost around $50.04 million.
• What’s Happening: Daiwa Capital upgraded Coinbase Glb from Hold to Buy and raised the price target from $58 to $65.
• What Coinbase Global Does: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States.

4D Molecular Therapeutics

• The Trade: 4D Molecular Therapeutics, Inc. FDMT 10% owner Sharon Rose Shabet acquired a total of 850,000 shares at an average price of $16.00. To acquire these shares, it cost around $13.6 million.
• What’s Happening: 4D Molecular Therapeutics priced an upsized underwritten public offering of 7.5 million shares at $16.00 per share, with gross proceeds of $120 million.
• What 4D Molecular Therapeutics Does: 4D Molecular Therapeutics Inc a clinical-stage gene therapy company engaged in the development of product candidates using targeted and evolved AAV vectors.

Don’t forget to check out our premarket coverage here

InnSuites Hospitality Trust

• The Trade: InnSuites Hospitality Trust IHT President and CEO James F Wirth bought a total of 1,000 shares at an average price of $1,935.00. To acquire these shares, it cost around $1.94 million.
• What’s Happening: Net Income Attributable to Controlling Interests jumped by 106% to $523,171 during Fiscal Year 2023.
• What InnSuites Hospitality Trust Does: InnSuites Hospitality Trust is a real estate investment trust. It is engaged in the ownership and operation of hotel properties.

Callon Petroleum

• The Trade: Callon Petroleum Company CPE Director Steven A Webster bought a total 50,000 shares at an average price of $30.97. The insider spent around $1.55 million to buy those shares.
• What’s Happening: Callon Petroleum posted downbeat Q1 earnings.
• What Callon Petroleum Does: Callon Petroleum Company engages in the exploration, development, acquisition, and production of oil and natural gas.

Check This Out: Investor Sentiment Declines Further After Dow Drops For Fourth Consecutive Day