Insiders Buying Walgreens And 2 Other Stocks
Although U.S. 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.
Walgreens Boots Alliance
The Trade: Walgreens Boots Alliance, Inc. (NASDAQ:WBA) EVP and Global CFO Manmohan Mahajan acquired a total of 6,000 shares an average price of $19.38. To acquire these shares, it cost around $116,280.
What’s Happening: On April 1, Morgan Stanley analyst Erin Wright maintained Walgreens with an Underweight and lowered the price target from $21 to $20.
What Walgreens Boots Alliance Does: Walgreens Boots Alliance is one of the largest retail pharmacy chains in the U.S., with over 8,500 locations. Nearly three quarters of Americans live within five miles of a Walgreens location.
Citi Trends
The Trade: Citi Trends, Inc. (NASDAQ:CTRN) 10% owner Pleasant Lake Partners LLC acquired a total of 18,000 shares at an average price of $27.10. To acquire these shares, it cost around $487,832.
What’s Happening: On March 19, Citi Trends reported worse-than-expected fourth-quarter financial results.
What Citi Trends Does: Citi Trends Inc is a retailer of urban fashion apparel and accessories in the United States.
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PureCycle Technologies
The Trade: PureCycle Technologies, Inc. (NASDAQ:PCT) 10% owner Fernando Musa bought a total of 18,303 shares at an average price of $5.46. To acquire these shares, it cost around $99,934.
What’s Happening: On March 5, PureCycle Technologies, issued a corporate update for the fourth quarter and fiscal year ending Dec. 31, 2023.
What PureCycle Technologies Does: PureCycle Technologies Inc holds a license to commercialize the only patented solvent-based purification recycling technology, developed by The Procter & Gamble Company (P&G), for restoring waste polypropylene (PP) into a virgin-like resin.
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