$1M Bet On Lyft? Check Out These 4 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.

Asana

• The Trade: Asana, Inc. (NASDAQ:ASAN) President, CEO and Chair Dustin Moskovitz acquired a total of 160,000 shares an average price of $21.54. To acquire these shares, it cost around $3.45 million.
• What’s Happening: Asana announced intelligent product capabilities that revolutionize how PMO teams drive strategic alignment and build smarter enterprise processes that scale.
• 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.

Medalist Diversified REIT

• The Trade: Medalist Diversified REIT, Inc. (NASDAQ:MDRR) Director Emanuel Neuman acquired a total of 4,826 shares at an average price of $5.23. To acquire these shares, it cost around $25,257.
• What’s Happening: Medalist Diversified REIT board approves negotiation of sale of its interests in four properties from portfolio.
• What Medalist Diversified REIT Does: Medalist Diversified REIT Inc is engaged in the acquisition, reposition, renovation, leasing and managing of income-producing properties with a focus on commercial properties, including flex-industrial and retail properties, multi-family residential properties and hotel properties.

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Lyft

• The Trade: Lyft, Inc. (NASDAQ:LYFT) Director Prashant Aggarwal bought a total of 96,900 shares at an average price of $10.34. To acquire these shares, it cost around $1 million.
• What’s Happening: Lyft reported second-quarter revenue of $1.02 billion, which was up 3% year-over-year. Ther revenue figure came in line with a Street consensus estimate.
• What Lyft Does: Lyft is the second-largest ride-sharing service provider in the U.S. and Canada, connecting riders and drivers over the Lyft app.

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Insulet

• The Trade: Insulet Corporation (NASDAQ:PODD) President and CEO James Hollingshead bought a total 5,550 shares at an average price of $181.41. The insider spent around $1.01 million to buy those shares.
• What’s Happening: Insulet announced the commercial launch of its Omnipod 5 automated insulin delivery system for individuals aged two years and older with Type 1 diabetes in its third market, Germany.
• What Insulet Does: Insulet was founded in 2000 with the goal of making continuous subcutaneous insulin infusion therapy for diabetes easier to use.