$6.5M Bet On This Real Estate Stock? Check Out These 3 Stocks Insiders Are Buying

Although U.S. 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.

Howard Hughes

• The Trade: Howard Hughes Holdings Inc. HHH Director William Ackman acquired a total of 93,390 shares an average price of $69.29. To acquire these shares, it cost around $6.47 million.
• What’s Happening: Howard Hughes said it intends to spinoff new division, Seaport Entertainment, to shareholders by year-end 2024.
• What Howard Hughes Does: Howard Hughes owns, manages, and develops commercial, residential, and mixed-use real estate throughout the USA.

Citi Trends

• The Trade: Citi Trends, Inc. CTRN 10% owner Pleasant Lake Onshore Feeder Fund LP acquired a total of 17,673 shares at an average price of $22.88. To acquire these shares, it cost around $404,358.
• What’s Happening: Citi Trends’ second-quarter FY23 sales decreased 6.2% year-on-year to $173.55 million, beating the analyst consensus estimate of $165.57 million.
• What Citi Trends Does: Citi Trends Inc is a retailer of urban fashion apparel and accessories in the United States.

Don’t forget to check out our premarket coverage here

Neogen

• The Trade: Neogen Corporation NEOG CFO David Naemura bought a total of 10,000 shares at an average price of $15.03. To acquire these shares, it cost around $150,333.
• What’s Happening: Neogen reported weaker-than-expected results for its first quarter.
• What Neogen Does: Neogen, headquartered in Lansing, Michigan, develops, manufactures, and markets various products for food and animal safety.

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