Insiders Buy Around $89M Of 2 Stocks

Although the US stocks closed higher on Tuesday, 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.

Grove Collaborative Holdings

• The Trade: Grove Collaborative Holdings, Inc. GROV 10% owner Richard Sir Branson acquired a total of 19,394,024 shares at an average price of $10.00. To acquire these shares, it cost around $66.72 million.
• What’s Happening: Grove Collaborative and Virgin Group Acquisition Corp. II recently reported closing of business combination.
• What Grove Collaborative Holdings Does: Grove Collaborative operates as a plastic neutral consumer products retailer in the United States.

HireRight Holdings

• The Trade: HireRight Holdings Corporation HRT Director James D Carey acquired a total of 1,504,981 shares at an average price of $14.78. To acquire these shares, it cost around $22.24 million.
• What’s Happening: HireRight recently upsized its revolving credit facility to $145 million.
• What HireRight Holdings Does: HireRight Holdings Corp is a global provider of technology-driven workforce risk management and compliance solutions. It provides comprehensive background screening, verification, identification, monitoring, and drug and health screening services.

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