Over $20M Bet On Coupang? Check Out These 3 Stocks Insiders Are Buying

Although U.S. 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.

Coupang

The Trade: Coupang, Inc. CPNG Director Neil Mehta acquired a total of 918,789 shares at an average price of $22.19. To acquire these shares, it cost around $20.39 million.
What's Happening: On May 7, Coupang posted mixed first-quarter financial results.
What Coupang Does: Coupang Inc is an e-commerce company. It sells apparel, electronics, footwear, food products, furniture, nutritional supplements, and other products. Its segments include Product Commerce and Developing Offerings.

Vestis

The Trade: Vestis Corporation VSTS EVP and CFO Ricky T Dillon acquired a total of 16,200 shares at an average price of $12.43. To acquire these shares, it cost around $201,320.
What's Happening: On May 7, Redburn Atlantic analyst Oliver Davies downgraded Vestis from Buy to Neutral.
What Vestis Does: Vestis Corp is a provider of uniform rentals and workplace supplies across the United States and Canada.

Don’t forget to check out our premarket coverage here

Akamai Technologies

The Trade: Akamai Technologies, Inc. AKAM CEO F Thomson Leighton bought a total of 22,000 shares at an average price of $92.68. To acquire these shares, it cost around $2.04 million.
What's Happening: On May 9, Akamai issued weak guidance.
What Akamai Technologies Does: Akamai operates a content delivery network, or CDN, which entails locating servers at the edges of networks so its customers, which store content on Akamai servers, can reach their own customers faster, more securely, and with better quality.