Elon Musk has made the headlines for his wealth increasing significantly thanks to the rising valuation of Tesla Inc (NASDAQ: TSLA), a new member of the $1-trillion market capitalization club.
Wells Fargo boosted Bank of America Corporation (NYSE: BAC) price target from $55 to $60. Bank of America shares rose 0.4% to $47.76 in pre-market trading.
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.