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.
Cricut
The Trade: Cricut, Inc. owner Abdiel Capital Management Llc, Abdiel Qualified Master Fund Lp, Abdiel Capital Lp, Abdiel Capital Advisors Lp, Colin Moran acquired a total of 88642 shares at an average price of $28.41. The insider spent $2,518,272.12 to acquire those share.
What’s Happening: Barclays, last week, downgraded Cricut from Overweight to Equal-Weight.
What Cricut Does: Cricut Inc designs and builds a creativity platform that enables users to turn ideas into professional-looking handmade goods.
Myovant Sciences
The Trade: Myovant Sciences Ltd. owner Sumitomo Chemical Co Ltd, Dainippon Sumitomo Pharma Co Ltd, Sumitovant Biopharma Ltd acquired a total of 63008 shares at an average price of $22.40. To acquire these shares, it cost $1,411,426.82.
What’s Happening: Myovant Sciences recently appointed Uneek Mehra as Chief Financial and Business Officer.
What Myovant Sciences Does: Myovant Sciences is a healthcare company focused on redefining care for women and for men.
Nautilus Biotechnology
The Trade: Nautilus Biotechnolgy, Inc. Director Matt McIlwaina bought a total of 36970 shares at an average price of $7.71. The insider spent $285,040.80 to acquire those shares.
What’s Happening: The company, earlier during the month, reported a wider-than-expected quarterly loss.
What Nautilus Biotechnology Does:Nautilus Biotechnology Inc is a development stage life sciences company creating a platform technology for quantifying and unlocking the complexity of the human proteome.
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