Over $17 Million Bet On This Electric Vehicle Stock? 4 Stocks Insiders Are Buying

Although US stocks closed higher on Wednesday, 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.

Nikola

• The Trade: Nikola Corporation NKLA 10% owner M&M Residual, LLC acquired a total of 3,000,000 shares at an average price of $5.80. To acquire these shares, it cost around $17.4 million.
• What’s Happening: Nikola recently named current Nikola Motor President Michael Lohscheller as its next CEO.
• What Nikola Does: Nikola Corp is a designer and manufacturer of battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen fueling station infrastructure.

Kohl's

• The Trade: Kohl's Corporation KSS Director John Schlifske acquired a total 3,413 shares at an average price of $29.29. To acquire these shares, it cost around $99.97 thousand.
• What’s Happening: Kohl's recently reported worse-than-expected Q2 EPS results and issued FY22 EPS guidance.
• What Kohl's Does: Kohl's operates 1,165 department stores in 49 states that sell moderately priced private-label and national brand clothing, shoes, accessories, cosmetics, and home furnishings.

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Insight Enterprises

• The Trade: Insight Enterprises, Inc. NSIT 10% owner ValueAct Holdings GP, LLC bought a total of 92,346 shares at an average price of $94.05. To acquire these shares, it cost around $8.69 million.
• What’s Happening: The company recently reported Q2 results.
• What Insight Enterprises Does: Insight Enterprises Inc is a Fortune 500 global IT provider primarily engaged in helping businesses of all sizes, large enterprises, governments, schools, and health care organizations.

HighPeak Energy

• The Trade: HighPeak Energy, Inc. HPK 10% owner John Paul Dejoria bought a total 2,313,744 shares at an average price of $21.61. The insider spent around $50 million to buy those shares.
• What’s Happening: The company recently posted downbeat quarterly earnings.
• What HighPeak Energy Does: HighPeak Energy Inc is an independent oil & natural gas company focused on the development of unconventional oil and natural gas reserves in primarily Howard County of the Midland Basin.