348,000 reasons to be bullish on Oportun Financial stock – Oportun Financial (NASDAQ:OPRT)
Raul Vazquezgeneral manager of Financial Opportunity OPRTreported a large insider buy on Nov. 14, according to a new SEC filing.
What happened: A Form 4 filed Monday by the U.S. Securities and Exchange Commission showed Vazquez purchased 52,897 shares of Oportun Financial. The total transaction amounted to $348,214.
Financial Opportunity the shares are trading up 8.93% at $6.71 at the time of this writing on Tuesday morning.
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Why Insider Trading Matters
Insider trading should not be used primarily to make an investment decision, however, it can be an important factor for an investor to consider.
In legal terms, an “insider” is any shareholder who owns at least 10% of a company. This can include senior executives and large hedge funds. These insiders are required to notify the public of their trades via a Form 4 filing, which must be filed within two business days of the trade.
When a company insider makes a new purchase, it indicates that they expect the stock to rise.
Insider selling, on the other hand, can be done for a variety of reasons and does not necessarily mean that the seller thinks the stock will go down.
Important transaction codes
Investors prefer to focus on transactions that take place in the open market, shown in Table I of the Form 4 filing. P in box 3 indicates a purchase, while S indicates a sale. Transaction code VS indicates the conversion of an option, and the transaction code A indicates that the insider may have been forced to sell stock in order to receive compensation that was promised when hired by the company.
View the full list of insider trading from Oportun Financial.
This article was generated by Benzinga’s automated content engine and reviewed by an editor.