11 Stocks Insiders are Buying Now

Published March 12, 2024 at 5:34 pm EDT Updated August 31, 2026 at 8:50 pm EDT

In this article, we will take a detailed look at the 11 Stocks Insiders are Buying Now.

Despite a hotter-than-expected CPI report, the stock market remained in the green on March 12, which is a good sign according to many analysts as investors begin to brush aside recession warnings that kept haunting them for most part of 2023. Tom Lee, Fundstrat Global Advisors managing partner and head of research, while talking to CNBC on March 12, said that stocks rising despite a hot CPI report is “always” a “good sign.” When asked about the latest comments of JPMorgan CEO Jamie Dimon where he said he sees a “little bit” of a bubble in equity markets, Lee said that most of the growth in the S&P 500 is coming from major tech companies like Nvidia which are seeing huge demand. Lee said massive growth of mega-cap stocks could “feel like a bubble” but that’s really the market “recognizing” the mega trends.

Investors Brush Aside CPI Worries

The stock market isn’t shrugging off hotter-than-expected inflation prints or recessions warnings without a reason. Experts like Jamie Dimon and Ray Dalio, among many others, have been issuing ominous warnings about the economy for several months now. In 2022 Jamie Dimon said there was a “hurricane” headed towards the US economy and recommended investors to “brace” themselves. Billionaire Ray Dalio on his LinkedIn posts has been consistently cautioning investors about debt crisis and an expected “perform storm.” Several economists were taking recession as a certainty; they were just debating how severe would it be. But near the end of 2023, a plethora of market analysts and pundits began revising their S&P 500 targets for 2024 and started issuing bullish reports for 2024 outlook. According to Wall Street Journal, Ray Dalio admitted that he got it wrong.

“I got it wrong because, ordinarily, when you raise interest rates it curtails private-sector demand and asset prices and slows things down, but that didn’t happen. There was a historic transfer of wealth: The balance sheets of the private sector improved a lot and the balance sheet of the government deteriorated a lot,” Dalio said according to the WSJ report.

In this backdrop, it’s important to keep an eye out for insider activity and see what stocks corporate insiders are amassing these days.

Photo by Chris Liverani on Unsplash

Methodology

For this article we used Insider Monkey’s stock screener to find out the stocks that have seen heavy insider buying activity over the past seven days through March 12. From these companies we picked 11 stocks that saw the biggest insider purchases in terms of dollar value. Some top names in the list include Keurig Dr Pepper Inc. (NASDAQ:KDP), Jazz Pharmaceuticals PLC (NASDAQ:JAZZ) and EchoStar Corp (NASDAQ:SATS). With each stock we have mentioned the number of hedge fund investors where applicable. Why? Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here).

11. Sphere Entertainment Co. (NYSE:SPHR)

Number of Hedge Fund Investors: N/A

Live entertainment and media company Sphere Entertainment Co. (NYSE:SPHR) recently saw insider buying activity as of March 4. Sphere Entertainment Co.’s (NYSE:SPHR) CEO James L. Dolan bought 110,156 shares of Sphere Entertainment Co. at $46.88 per share. Since the date of this insider transaction the stock has gained about 2.6% as of March 10.

McIntyre Partnerships stated the following regarding Sphere Entertainment Co. in its fourth quarter 2023 investor letter:

“In addition, two long-held investments, GTX and MSGE/SPHR, had positive news during the year and were significant contributors to our overall gains. For MSGE/SPHR, the split of the two businesses proved to be a significant catalyst, with the combined company rallying ~75% last year. After the spin in the spring, I rotated the bulk of our investment from MSGE to Sphere Entertainment Co. (NYSE:SPHR), as I thought MSGE was trading at a reasonable valuation while SPHR remained deeply discounted. Since then, SPHR has completed construction of the Las Vegas Sphere, which opened to broadly positive reviews, and SPHR has appreciated further. However, we have substantially reduced our investment in SPHR. I was comfortable owning MSGE in significant size due to its unlevered ownership of the Madison Square Garden arena, an iconic venue with stable cash flows and modest growth. After the split, SPHR has no ownership of the arena and is instead a riskier growth company, with significant upside potential but also higher odds of a miss. As a result, we retain a smaller position in SPHR. Looking forward, I remain bullish on the Las Vegas Sphere and believe additional sphere developments could be a significant catalyst, offset somewhat by my worries regarding refinancing the MSGN loan while SPHR is still bearing a great number of front-end loaded growth expenses.”

10. Marpai Inc (NASDAQ:MRAI)

Number of Hedge Fund Investors: N/A

Healthcare company Marpai Inc (NASDAQ:MRAI) ranks 10th in our list of the stocks with the biggest insider purchases recently. On March 7 Marpai Inc’s (NASDAQ:MRAI) CEO Damien Lamendola snapped up 910,000 shares of Marpai Inc. The stock closed trading at $1.65 that day. Since then through the close of trading on March 10 the stock has gained about 6%.

Like MRAI, Keurig Dr Pepper Inc., Jazz Pharmaceuticals PLC and EchoStar Corp are also seeing insider buying activity.

9. Absci Corp (NASDAQ:ABSI)

Number of Hedge Fund Investors: 14

Drug creation company Absci Corp (NASDAQ:ABSI) ranks ninth in our list of the stocks with the biggest insider purchases recently. Redmile Group, LLC, which has a director status at Absci Corp’s (NASDAQ:ABSI) board, bought 222,222 shares of Absci Corp at $4.50 per share on March 1. Since then through March 10 market close the stock has lost about 8% in value. Absci Corp shares have gained about 185% over the past one year on the back of the AI wave. Absci Corp is collaborating with NVIDIA to accelerate and scale Absci Corp’s (NASDAQ:ABSI) in-silico ML pipeline.

8. CECO Environmental Corp. (NASDAQ:CECO)

Number of Hedge Fund Investors: 18

Air pollution control technology company CECO Environmental Corp. (NASDAQ:CECO) ranks eighth in our list of the stocks with recent insider purchases. Richard F. Wallman, a director at the Texas-based company, on March 6 bought 50,000 shares of CECO Environmental Corp. at $19.78 per share. As of market close on March 6 the stock was trading at around $20.16. Over the past five days through March 10 the stock has lost about 6% in value.

On March 5 CECO Environmental Corp. posted strong Q4 results and also upped its FY’2024 outlook. Adjusted EPS in the period came in at $0.28, beating estimates by $0.04. Revenue in the period jumped 32% year over year to $153.7 million, beating estimates by $7.09 million.

In addition to CECO, Keurig Dr Pepper Inc., Jazz Pharmaceuticals PLC and EchoStar Corp are also seeing insider buying activity.

7. Envestnet Inc (NYSE:ENV)

Number of Hedge Fund Investors: 20

Lauren Taylor Wolfe, Impactive Capital’s co-founder and managing partner, was added to the board of the Pennsylvania-based fintech company Envestnet Inc (NYSE:ENV) to avert a proxy fight. The director on March 6 bought 31,162 shares of Envestnet Inc at $52.19 per share. The stock has gained about 5.21% since then, as of March 10.

6. IONQ Inc (NYSE:IONQ)

Number of Hedge Fund Investors: 21

Quantum computing hardware and software company IONQ Inc (NYSE:IONQ) ranks sixth in our list of the stocks with the biggest insider purchases in terms on of dollar value. On March 5, Harry You, a director at IONQ Inc’s (NYSE:IONQ) board, snapped up 115,000 shares of IONQ Incat $9.28 per share. Since March 5 the stock has gained about 16%.

A total of 21 hedge funds in Insider Monkey’s database of hedge funds reported owning stakes in the quantum computing company IONQ Inc as of the end of the fourth quarter of 2023, up from 19 funds in the previous quarter.

Last month, IONQ Inc posted quarterly results and gave strong 2024 guidance. IONQ Inc expects revenue of $37 million to $41 million in the period, which would be a YoY increase of 68.2% to 86.4%.

5. EchoStar Corp (NASDAQ:SATS)

Number of Hedge Fund Investors: 24

Satellite communication and internet services company EchoStar Corp ranks fifth in our list of the stocks with the highest insider purchasing activity recently. On March 6, James Defranco, who is a board member at EchoStar Corp, amassed 90,000 shares of EchoStar Corp at $13.21 per share. Over the past five days through March 10 the stock has gained about 7%.

As of the end of the fourth quarter of 2023, 24 hedge funds tracked by Insider Monkey had stakes in EchoStar Corp.

4. 89bio Inc (NASDAQ:ETNB)

Number of Hedge Fund Investors: 30

Clinical stage biopharma company 89bio Inc (NASDAQ:ETNB) saw heavy insider buying activity recently as RA Capital Management, which has a director status at 89bio Inc’s (NASDAQ:ETNB) board, loaded up on 1.35 million shares of 89bio Inc on March 4 at $15.35 per share. Since then through March 10 the stock has lost about 6.1%.

3. J B Hunt Transport Services Inc (NASDAQ:JBHT)

Number of Hedge Fund Investors: 35

J B Hunt Transport Services Inc (NASDAQ:JBHT) is one of the stocks with strong insider buying activity recently in terms of dollar value. Patrick Ottensmeyer, who is a director at JB Hunt, bought 5,000 shares of J B Hunt Transport Services Inc on March 5 at $202.99 per share. Over the past five days through March 11 the stock has lost about 1.5% in value.

As of the end of the fourth quarter of 2023, 35 hedge funds tracked by Insider Monkey had stakes in J B Hunt Transport Services Inc.

2. Jazz Pharmaceuticals PLC (NASDAQ:JAZZ)

Number of Hedge Fund Investors: 42

Jazz Pharmaceuticals PLC’s (NASDAQ:JAZZ) EVP and CFO Philip Johnson bought 12,000 shares of Jazz Pharmaceuticals PLC on March 1 at $119.65 per share. The stock closed at $118.85 that day. Since then it has slipped about 1.1%.

Insider Monkey’s database of 933 hedge funds shows that 42 hedge funds had stakes in Jazz Pharmaceuticals PLC as of the end of the fourth quarter of 2023. The most notable stake in Jazz Pharmaceuticals PLC is owned by Bernard Horn’s Polaris Capital Management which owns a $156 million stake in Jazz Pharmaceuticals PLC.

Aristotle Capital Global Equity Strategy made the following comment about Jazz Pharmaceuticals plc (NASDAQ:JAZZ) in its Q3 2023 investor letter:

“During the quarter, we sold our position in Magna International and invested in a new position, Jazz Pharmaceuticals plc (NASDAQ:JAZZ). Founded in 2003, Jazz Pharmaceuticals is a global biopharmaceutical company headquartered in Ireland. The drugmaker’s portfolio of nine approved products focuses on conditions with limited therapeutic treatments in neuroscience (~75% of 2022 revenue) and oncology (~25%).

Jazz’s drug Xyrem was added to its portfolio in 2005 and was approved for use in patients with narcolepsy. The drug’s strong efficacy propelled it to be the standard of care for this incurable sleep condition and has achieved wide adoption for the treatment of excessive daytime sleepiness and cataplexy (episodes of loss of muscle control)…

Xyrem’s patent exclusivity ended in January 2023, and authorized generic versions of the product have entered the market. To prepare for the patent cliff, the company developed Xywav, a lower‐sodium version of Xyrem, which is touted for its potentially better heart safety. The drug has received FDA approval for the treatment of narcolepsy and idiopathic hypersomnia and has orphan drug exclusivity through 2027…” (Click here to read the full text)

1. Keurig Dr Pepper Inc. (NASDAQ:KDP)

Number of Hedge Fund Investors: 37

Soft drinks company Keurig Dr Pepper Inc. ranks first in our list of the top stocks with the biggest insider buying activity. Keurig Dr Pepper Inc.’s (NASDAQ:KDP) CFO Sudhanshu Priyadarshi on March 5 bought 85,910 shares of Keurig Dr Pepper Inc. at $29.10 per share. The stock inched up just by 0.17% since then.

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