$70M Bet On This Industrial Stock? Check Out These 3 Stocks Insiders Are Buying

Although U.S. stocks closed 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.

Archer Aviation

• The Trade: Archer Aviation Inc. ACHR 10% owner SFS UK 1 LTD. acquired a total of 12,313,234 shares an average price of $5.68. To acquire these shares, it cost around $70 million.
• What’s Happening: Archer Aviation entered into an agreement with the Abu Dhabi Investment Office (ADIO) to support the launch of its all-electric air taxi service across the UAE.
• What Archer Aviation Does: Archer Aviation Inc., headquartered in San Jose, California, engages in designs, develops, manufactures, and operates electric vertical takeoff and landing aircrafts to carry passengers.

Asana

• The Trade: Asana, Inc. ASAN President, CEO and Chair Dustin Moskovitz acquired a total of 280,000 shares at an average price of $18.67. To acquire these shares, it cost around $5.23 million.
• What’s Happening: UBS recently initiated coverage on Asana with a Neutral rating and announced a price target of $20.
• What Asana Does: Asana Inc is a software company. The company provides a platform for work management that helps teams orchestrate work, from daily tasks to cross-functional strategic initiatives.

Don’t forget to check out our premarket coverage here

John Wiley & Sons

• The Trade: John Wiley & Sons, Inc. WLY Director David Dobson bought a total of 5,081 shares at an average price of $29.99. To acquire these shares, it cost around $152,357.
• What’s Happening: The company announced the departure of Brian Napack as President and CEO, with Matthew Kissner appointed as Interim CEO.
• What John Wiley & Sons Does: John Wiley & Sons, founded in 1807, operates as a research and education company worldwide.

Check This Out: Top 4 Tech Stocks That May Crash In October