Although U.S. stocks closed lower on Wednesday, there were a few notable insider trades.

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.

Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.

HCI Group

• The Trade: HCI Group Inc (NYSE:HCI) CEO Paresh Patel acquired a total of 1,000 shares an average price of $114.90. To acquire these shares, it cost around $114,900.
• What’s Happening: Oppenheimer analyst Michael Phillips maintained HCI Group with an Outperform and maintained a $140 price target.
• What HCI Group Does: HCI Group Inc is engaged in the property and casualty insurance business through two Florida domiciled insurance companies, Homeowners Choice Property & Casualty Insurance Company (HCPCI) and TypTap Insurance Company (TypTap).

America's Car-Mart

• The Trade: America's Car-Mart, Inc. (NASDAQ:CRMT) President and CEO Douglas W.. Campbell Jr acquired a total of 3,229 shares at an average price of
• $61.62. To acquire these shares, it cost around $198,985.
• What’s Happening: On April 10, B of A Securities analyst John Murphy maintained America's Car-Mart with an Underperform and lowered the price target from $55 to $50.
• What America's Car-Mart Does: America's Car-Mart Inc is an automotive retailer in us focused exclusively on the Integrated Auto Sales and Finance segment of the used car market.

Don’t forget to check out our premarket coverage here

Entrada Therapeutics

• The Trade: Entrada Therapeutics Inc (NASDAQ:TRDA) Director Peter S Kim bought a total of 2,600 shares at an average price of $13.57. To acquire these shares, it cost around $35,290.
• What’s Happening: On March 13, Entrada Therapeutics posted upbeat quarterly sales.
• What Entrada Therapeutics Does: Entrada Therapeutics Inc clinical-stage biopharmaceutical company aiming to transform the lives of patients by establishing a new class of medicines that engage intracellular targets that have long been considered inaccessible.

Check This Out: Jim Cramer Says WESCO International Is A Buy, Recommends Buying This Stock Under $20