Although US stocks closed lower on Friday, there was some notable insider trading.

When insiders buy stock, it shows they have confidence in the company’s prospects or that they see the stock as a bargain. Either way, it signals an opportunity to go long the stock. Insider buying should not be taken as the sole indicator of an investment or trading decision. At best, it can convince a purchase decision.

Below is a look at some notable recent insider purchases. For more information, see Benzinga insider trading Platform.

Enviva

• The trade: Enviva Inc. Eve Director Jeffrey W. Ubben a total of 76,446 shares were acquired an average price of $50.63. The purchase of these shares cost around 3.87 million US dollars.
• What’s happening: Citigroup has upgraded Enviva to Buy from Neutral and lowered its price target to $62 from $79.
• What Enviva does: Enviva Inc is a global energy company specializing in sustainable wood bioenergy. It is a producer of sustainable wood pellets, which are a low-carbon alternative to fossil fuels.

Veris Residential

• The trade: Veris Residential, Inc. AER Director A. Akiva Katz acquired a total of 376,101 shares at an average price of $11.61. The purchase of these shares cost around 4.37 million US dollars.
• What’s happening: Veris Residential recently announced the anticipated sale of Harborside 1, 2 and 3 for $420 million.
• What Veris Residential does: Veris Residential Inc is a fully integrated, self-governing and self-governing real estate investment trust (REIT).

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Lovesac company

• The trade: The Lovesac company LOVE Director Walter McLallen bought a total of 2,000 shares at an average price of $20.60. Acquisition of these shares cost about 41.2 thousand US dollars.
• What’s happening: Lovesac Co last month reported revenue growth for the second quarter of fiscal 23…