Beneficient (NASDAQ:BENF) stock is rocketing higher on Friday after the financial technology services company revealed insider buying from a member of its board of directors.
Director Peter Cangany acquired 400,000 shares of BENF stock from Feb. 20 to Feb. 21. The first batch he bought was 200,000 shares at an average price of 26 cents each. After that, he purchased another 200,000 batch of shares the following day for 25 cents each.
The shares purchased by Cangany are held indirectly through his personally owned TheCanganyGroup, LLC. In addition to these, he holds another 77,500 shares of BENF stock directly.
What This Means for BENF Stock
News of insider buying is often a morale boost for investors in a company. That appears to be what’s going on with BENF stock, as more traders are buying Beneficient’s shares following the insider trading reveal.
With this news also comes heavy trading of BENF stock. As of this writing, more than 17 million shares have changed hands. That’s already well above the company’s daily average trading volume of about 182,000 shares.
BENF stock is up 25.1% as of Friday morning but was down 55.1% year-to-date when markets closed on Thursday.
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On the date of publication, William White did not have (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.
