Insiders Buy Around $2.8M Of 3 Stocks

Although US stocks traded higher this morning, 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.

Coterra Energy

• The Trade: Coterra Energy Inc. CTRA CEO, President and Director Thomas E Jorden acquired a total of 44,000 shares at an
• average price of $23.26. To acquire these shares, it cost around $1.02 million.
• What’s Happening: The company recently posted downbeat quarterly earnings.
• What Coterra Energy Does: Coterra is an independent exploration and production company with operations in Appalachia and the Permian Basin. It was formed after the 2021 merger with Cabot and Cimarex.

Parsons

• The Trade: Parsons Corporation PSN Chief Financial Officer George Ball acquired a total of 40,000 shares at an average price of $33.40. To acquire these shares, it cost around $1.34 million.
• What’s Happening: Parsons was recently awarded a $104 million, single-award five-year contract by the Intelligence Community (IC).
• What Parsons Does: Parsons Corp is a provider of technology-driven solutions in the defense, intelligence and critical infrastructure markets. The business activities of the group are carried out through Federal Solutions and Critical Infrastructure segments.

Also check this: 3 Penny Stocks Insiders Are Buying

Ritchie Bros. Auctioneers

• The Trade: Ritchie Bros. Auctioneers Incorporated RBA CEO Ann Fandozzi bought a total of 9,560 shares at an average price of $52.25. To acquire these shares, it cost around $499.48 thousand.
• What’s Happening: RBC Capital recently upgraded Ritchie Bros Auctioneers from Sector Perform to Outperform and lowered the price target from $69 to $60.
• What Ritchie Bros. Auctioneers Does: Ritchie Bros. operates the world's leading marketplace for heavy equipment. The company started as a live auctioneer of industrial equipment, since then it has greatly expanded its operations to include the sale of construction, agricultural, oilfield, and transportation equipment.