Insider buys have made a comeback. According to the Financial Times, the buy-to-sell ratio of insiders has risen to its highest level since March 2020. This has been especially notable in sectors like technology and communications, which are seeing their highest levels of insider buying since 2012.
2022 has been rough for the S&P 500, marking its fourth-worst start since 1927. However, this has provided insiders with an opportunity to pick up shares of their own companies.
An insider is someone who holds a role as a senior officer, director or 10% owner of a company. Investors pay attention to what they’re buying and selling because they have the most knowledge about these stocks.
With that in mind, let’s take a look at the top insider buys of the week.
The Top Insider Buys of the Week
- Costco (NASDAQ:COST). On June 7, Director Maggie Wilderotter purchased 850 shares at an average price of $470.73 per share. After the purchase, Wilderotter owns a total of 11,295 shares. In total, the transaction amounted to $400,125.
- SoFi (NASDAQ:SOFI). CEO Anthony Noto has already purchased shares of this company four times this month. The purchases fell on June 1, 6, 8 and 9. In total, the CEO has purchased 107,497 shares this month worth just more than $700,000. In 2022, Noto has purchased SOFI stock on 15 separate occasions and has not sold a single share this year.
- United Airlines (NASDAQ:UAL). On June 2 and June 3, Director Edward Shapiro purchased 50,000 shares at average prices ranging between $44.21 and $45.19. In total, the purchase amounted to a whopping $2.2 million. In addition, Shapiro did not own any shares of UAL stock before this purchase. The director’s purchase is also the first United Airlines insider purchase this year.
- Carvana (NYSE:CVNA). Two insiders have purchased shares of CVNA stock this month. On June 2, Vice President of General Counsel and Secretary Paul Breaux purchased 15,000 shares at an average price of $26.24 per share. Then, on June 6 and 7, Chief Brand Officer Ryan Keeton purchased 40,000 shares at average prices ranging between $24.47 and $25.02. After the purchases, Breaux owns a total of 93,149 shares, while Keeton owns 74,269 shares.
- Appian (NASDAQ:APPN). From June 1 to June 3, Abdiel Capital purchased 38,351 shares at average prices ranging between $46.90 and $48.86. In total, the transaction amounted to over $1.8 million. After the purchases, Abdiel now owns a total of 8.22 million shares. The hedge fund is classified as an insider because it owns a more than 10% stake in the company.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.