Beneficient (NASDAQ:BENF) stock is rocketing higher on Friday after the financial technology services company revealed insider trader from one of it members of the 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 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.
Investors looking for all of the latest stock market stories will want to stick around!
We have all of the hottest stock market news worth reading about on Friday! That includes what’s going on with the biggest pre-market stock movers this morning, the latest news for a Reddit initial public offering (IPO) and more. You can catch up on all of these matters at the following links!
More Friday Stock Market News
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.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
