3 Stocks Insiders Are Buying

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.

Stitch Fix

• The Trade: Stitch Fix, Inc. SFIX 10% owner Chan Kenneth Hsiangtze acquired a total of 274919 shares at an average price of $19.93. To acquire these shares, it cost $5,479,025.85.
• What’s Happening: Stitch Fix, earlier during the month, issued Q2 net sales guidance below estimates..
• What Stitch Fix Does: Stitch Fix Inc offers personal style service for men and women. The company engages in delivering one-to-one personalization to clients through the combination of data science and human judgment.

Purple Innovation

• The Trade: Purple Innovation, Inc. PRPL Director Coliseum Capital Co-Invest III, L.P. acquired a total of 120000 shares at an average price of $13.52. To acquire these shares, it cost $1,622,400.00.
• What’s Happening: Purple Innovation recently said it anticipates FY21 net sales and adjusted EBITDA at the low end of the prior guidance ranges.
• What Purple Innovation Does: Purple Innovation Inc is a comfort innovation company. The company designs, manufactures and sells a range of comfort technology offerings, including mattresses, a pillow, cushions, sheets, bed platforms, and other products.

Quanex Building Products

• The Trade: Quanex Building Products Corporation NX Director Jason Lippert bought a total of 10450 shares at an average price of $25.20. To acquire these shares, it cost $263,368.34.
• What’s Happening: Quanex Building Products recently reported better-than-expected Q4 EPS and sales results.
• What Quanex Building Products Does: Quanex Building Products Corp is a manufacturer of components sold to original equipment manufacturers in the building products industry.