$27.5M Bet On Block? Check Out These 3 Stocks Insiders Are Buying

Although U.S. stocks closed mixed 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.

Block

• The Trade: Block, Inc. SQ 10% owner David Goel acquired a total of 540,646 shares an average price of $50.89. To acquire these shares, it cost around $27.52 million.
• What’s Happening: Block reported better-than-expected third-quarter earnings.
• What Block Does: Founded in 2009, Block provides payment services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network. In 2022, Square's payment volume was a little over $200 million.

Janux Therapeutics

• The Trade: Janux Therapeutics, Inc. JANX 10% owner Avalon Bioventures I LP acquired a total of 849,854 shares at an average price of $5.87. To acquire these shares, it cost around $4.99 million.
• What’s Happening: Janux Therapeutics posted a narrower-than-expected quarterly loss.
• What Janux Therapeutics Does: Janux Therapeutics Inc is an innovative biopharmaceutical company developing next-generation therapeutics based on proprietary tumor activated T Cell Engager platform technology to better treat patients suffering from cancer.

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American States Water

• The Trade: American States Water Company AWR Director Steven D Davis bought a total of 1,000 shares at an average price of $77.90. To acquire these shares, it cost around $77,899.
• What’s Happening: American States Water posted downbeat quarterly earnings.
• What American States Water Does: American States Water Co is water and utilities holding company based in California. The segments of the firm include water, electric, and contracted services.

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