$6M Bet On This Technology Stock? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed lower 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.

Domo

• The Trade: Domo, Inc. (NASDAQ:DOMO) 10% owner Cocolalla LLC acquired a total of 429,810 shares an average price of $14.11. To acquire these shares, it cost around $6.07 million.
• What’s Happening: Domo reported Q4 financial results and issued Q1 adjusted EPS guidance below analyst estimates.
• What Domo Does: Domo Inc provides a cloud-based platform that digitally connects all the data, systems and people in an organization, giving them access to real-time data and insights and allowing them to manage their business from their smartphones.

Patriot Transportation Holding

• The Trade: Patriot Transportation Holding, Inc. (NASDAQ:PATI) Director John D. Baker II acquired a total of 1,455 shares at an average price of $7.97. To acquire these shares, it cost around $11.6 thousand.
• What’s Happening: Patriot Transportation posted a rise in quarterly earnings.
• What Patriot Transportation Holding Does: Patriot Transportation Holding Inc is a regional tank truck carrier in North America.

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Kinetik Holdings

• The Trade: Kinetik Holdings Inc. (NYSE:KNTK) Director Jamie Welch bought a total of 7,000 shares at an average price of $31.13. To acquire these shares, it cost around $217.91 thousand.
• What’s Happening: Kinetik Holdings posted better-than-expected quarterly sales.
• What Kinetik Holdings Does: Kinetik Holdings Inc is a permian-to-gulf Coast midstream corporation operating in the Delaware Basin.

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