Insiders Buying Sphere Entertainment And 2 Other Stocks (CORRECTED)

Editor's Note: The article has been corrected to accurately state that Executive Chairman and CEO James L. Dolan acquired a total of 76,139 shares of Sphere Entertainment.

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

Western Midstream Partners

• The Trade: Western Midstream Partners, LP WES President and CEO Michael Ure acquired a total of 5,000 shares an average price of $33.65. To acquire these shares, it cost around $168,250.
• What’s Happening: On Feb. 29, Citigroup analyst Spiro Dounis downgraded Western Midstream from Buy to Neutral and raised the price target from $30 to $34.
• What Western Midstream Partners Does: Western Midstream Partners LP is a US-based company which own, operate, acquire and develop midstream energy assets.

Sphere Entertainment

• The Trade: Sphere Entertainment Co. SPHR Executive Chairman and CEO James L. Dolan acquired a total of 76,139 shares at an average price of $40.73. To acquire these shares, it cost around $3.1 million.
• What’s Happening: On Feb. 5, Sphere Entertainment clocked a 97% year-on-year revenue growth to $314.2 million, beating the consensus of $301.8 million.
• What Sphere Entertainment Does: Sphere Entertainment Co is live entertainment and media company. The firm creates, writes, cast, produce, and tour shows and events.

Don’t forget to check out our premarket coverage here

Agree Realty

• The Trade: Agree Realty Corporation ADC Director, Executive Chairman of Board Richard Agree bought a total of 16,000 shares at an average price of $55.50. To acquire these shares, it cost around $888,000.
• What’s Happening: On Feb. 27, Truist Securities analyst Ki Bin Kim maintained Agree Realty with a Buy and lowered the price target from $70 to $68.
• What Agree Realty Does: Agree Realty Corporation operates as a fully integrated real estate investment trust mainly focused on the ownership, acquisition, development and management of retail properties net leased to industry-leading tenants.

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