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.

Elastic

• The Trade: Elastic N.V. ESTC Director Paul R. Auvil III acquired a total of 20,000 shares at  an average price of $74.25. To acquire these shares, it cost around $1.48 million.
• What’s Happening: On Aug. 29, Elastic reported quarterly earnings of 35 cents per share, which beat the analyst consensus estimate of 25 cents per share.
• What Elastic Does: Elastic is a software company based in Mountain View, California, focusing on search-adjacent products.

U.S. Physical Therapy

• The Trade: U.S. Physical Therapy, Inc. USPH Director Kathleen A Gilmartin acquired a total of 2,000 shares at an average price of $86.09. To acquire these shares, it cost around $172,180.
• What’s Happening: On Aug. 13, US Physical Therapy posted downbeat quarterly earnings.
• What U.S. Physical Therapy Does: US Physical Therapy Inc through its subsidiaries operates outpatient physical therapy clinics that provide pre-and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and neurological-related injuries.

CECO Environmental

• The Trade: CECO Environmental Corp. CECO Director Richard F Wallman bought a total of 10,000 shares at an average price of $28.77. To acquire these shares, it cost around $1.98 million. The company’s President and CEO also bought $287,722 shares.
• What’s Happening: On July 30, CECO Environmental reported worse-than-expected second-quarter revenue results and raised its FY24 revenue guidance above estimates.
• What CECO Environmental Does: CECO Environmental Corp serves the energy, industrial, and other niche markets.

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