$3.8M Bet On This Energy Stock? Check Out These 3 Stocks Insiders Are Buying

Although US stocks closed higher on Thursday, 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.

ProFrac Holding

The Trade: ProFrac Holding Corp. ACDC 10% owner Dan Wilks acquired a total of 285,059 shares an average price of $13.40. To acquire these shares, it cost around $3.82 million.
What’s Happening: ProFrac Holding, last month, posted downbeat quarterly results.
What ProFrac Holding Does: ProFrac Holding Corp is engaged in providing hydraulic fracturing, completion services, and other complementary products and services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources.

NextEra Energy

The Trade: NextEra Energy, Inc. NEE Chairman, President and CEO John Ketchum acquired a total of 13,600 shares at an average price of $74.26. To acquire these shares, it cost around $1.01 million. The company’s EVP, Nuclear Div & CNO also sold 4,000 shares.
What’s Happening: Goldman Sachs recently initiated coverage on NextEra Energy with a Buy rating and announced a price target of $90.
What NextEra Energy Does: NextEra Energy’s regulated utility, Florida Power & Light, is the largest rate-regulated utility in Florida.

Don’t forget to check out our premarket coverage here

Smartsheet

The Trade: Smartsheet Inc. SMAR Director Michael Gregoire bought a total of 3,800 shares at an average price of $39.38. To acquire these shares, it cost around $149.64 thousand.
What’s Happening: Smartsheet posted upbeat first-quarter results.
What Smartsheet Does: Smartsheet Inc provides a cloud-based platform for work execution, that enables teams and organizations to plan, capture, manage, automate, and report on work at a scale that results in more efficient processes and efficient business outcomes.

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