Loar (LOAR) was named Smart Insider's stock pick of the week after two non-executive directors purchased shares for the first time since the company's April 2024 initial public offering.

Raja Bobbili, a non-executive director since April 2024, acquired $3.2 million in stock at $63.61 per share on March 12, Smart Insider said in a Tuesday note, adding that the "purchase appears to be for his estate planning vehicle."

Anthony Carpenito, also a non-executive director since April 2024, bought $312,000 of shares on March 13, according to Smart Insider.

Both directors represent Abrams Capital, which holds a 40% stake in the company, though the purchases appear to have been made directly, Smart Insider said. The transactions were executed at prices more than double the IPO level of $28, according to the note.

Smart Insider said it previously ranked the stock +N, or notable & positive signal, on March 13, following a $3 million share purchase by Chief Executive Dirkson Charles.

With the additional buying activity, Smart Insider upgraded its rating on the stock to +1, indicating a strong positive signal.

Price: 58.31, Change: -0.53, Percent Change: -0.90