$2M Bet On Ford? Check Out These 4 Stocks Insiders Are Buying

Although U.S. stocks closed higher on Monday, 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.

Merrimack Pharmaceuticals

• The Trade: Merrimack Pharmaceuticals, Inc. MACK Western Standard Partners QP LP acquired a total of 101,050 shares an average price of $12.85. To acquire these shares, it cost around $1.3 million.
• What’s Happening: On Nov. 2, Merrimack Pharmaceuticals posted a narrower loss for the third quarter.
• What Merrimack Pharmaceuticals Does: Merrimack Pharmaceuticals Inc is a biotechnology company that discovers, develops, and commercializes innovative medicines that consist of novel therapeutics paired with diagnostics to treat cancer.

Ford Motor

• The Trade: Ford Motor Company F Chief EV, Digital & Design Officer Douglas John Field acquired a total of 182,000 shares at an average price of $11.05. To acquire these shares, it cost around $2.01 million
• What’s Happening: Ford reportedly decided to cut its production targets for the F-150 Lightning electric pickup by half starting next year in response to “changing market demand.”
• What Ford Motor Does: Ford Motor Co. manufactures automobiles under its Ford and Lincoln brands.

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Trimble

• The Trade: Trimble Inc. TRMB Director Mark Peek bought a total of 10,000 shares at an average price of $46.59. To acquire these shares, it cost around $465,864.
• What’s Happening: On Nov. 1, Trimble missed third-quarter revenue estimates and issued weak guidance.
• What Trimble Does: Trimble Inc provides location-based solutions that are used in global positioning system (GPS), laser, optical and inertial technologies.

Union Pacific

• The Trade: Union Pacific Corporation UNP CEO Vincenzo J Vena bought a total of 4,500 shares at an average price of $222.00. The insider spent around $1 million to buy those shares.
• What’s Happening: On Oct. 19, Union Pacific reported a third-quarter FY23 operating revenue decline of 10% year-over-year to $5.941 billion, missing the consensus of $5.99 billion.
• What Union Pacific Does: Omaha, Nebraska-based Union Pacific is the largest public railroad in North America.

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