$1.8B Bet On This US Electric Vehicle Maker? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed lower on Monday, 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.

Asana

• The Trade: Asana, Inc. ASAN President, CEO and Chairman Dustin Moskovitz Adam Gray acquired a total of 160,000 shares an average price of $22.53. To acquire these shares, it cost around $3.6 million.
• What’s Happening: Asana reported better-than-expected first-quarter financial results and issued FY24 EPS guidance above estimates.
• What Asana Does: Asana Inc is a software company. The company provides a platform for work management that helps teams orchestrate work, from daily tasks to cross-functional strategic initiatives.

Axon Enterprise

• The Trade: Axon Enterprise, Inc. AXON Director) Hadi Partovi acquired a total of 25,000 shares at an average price of $191.10. To acquire these shares, it cost around $4.78 million.
• What’s Happening: Axon reported better-than-expected first-quarter results.
• What Axon Enterprise Does: Axon Enterprise Inc develops, manufactures, and sells conducted energy devices and cloud-based digital evidence management software designed for use by law enforcement, corrections, military forces, private security personnel, and private individuals for personal defense.

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Lucid Group

• The Trade: Lucid Group, Inc. LCID 10% owner Ayar Third Investment Co bought a total of 265,693,703 shares at an average price of $ $6.83. To acquire these shares, it cost around $1.81 billion.
• What’s Happening: Lucid Group announced a technology partnership with Aston Martin.
• What Lucid Group Does: Lucid Group Inc is a technology and automotive company. It develops the next generation of electric vehicle (EV) technologies.

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