$8.2 Million Bet On GMS? 3 Stocks Insiders Are Buying

Although US 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.

Chardan NexTech Acquisition 2 Corp

• The Trade: Chardan NexTech Acquisition 2 Corp. (NASDAQ:CNTQ) Director Kerry Propper acquired a total of 485,000 shares an average price of $10.36. To acquire these shares, it cost around $5.02 million.
• What’s Happening: The company’s stock gained around 6% over the past six months.
• What Chardan NexTech Acquisition 2 Corp Does: Chardan NexTech Acquisition 2 Corp is a blank check company.

GMS

• The Trade: GMS Inc. (NYSE:GMS) 10% owner Christopher Shackelton acquired a total of 205,000 shares at an average price of $40.19. To acquire these shares, it cost around $8.24 million.
• What’s Happening: GMS, last month, reported better-than-expected Q1 results.
• What GMS Does: GMS Inc is a distributor of specialty building products including wallboard, suspended ceilings systems, or ceilings, steel framing, and other complementary building products.

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MillerKnoll

• The Trade: MillerKnoll, Inc. (NASDAQ:MLKN) President and CEO Andrea Owen bought a total of 60,606 shares at an average price of $16.88. To acquire these shares, it cost around $1.02 million.
• What’s Happening: MillerKnoll recently issued Q2 guidance below estimates.
• What MillerKnoll Does: MillerKnoll Inc, formerly Herman Miller Inc researches, designs, manufactures, sells, and distributes interior furnishings across the globe.