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There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on July 18, Premier Exhibitions Inc's Chief Financial Officer, Michael Little, invested $3,605.02 into 2,000 shares of PRXI, for a cost per share of $1.80. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Tuesday, bargain hunters could buy shares of Premier Exhibitions Inc (NASDAQ:PRXI) and achieve a cost basis 2.9% cheaper than Little, with shares changing hands as low as $1.75 per share. Premier Exhibitions Inc shares are currently trading down about 0.5% on the day. The chart below shows the one year performance of PRXI shares, versus its 200 day moving average:
Looking at the chart above, PRXI's low point in its 52 week range is $1.46 per share, with $2.07 as the 52 week high point — that compares with a last trade of $1.76. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
Purchased
Insider
Title
Shares
Price/Share
Value
07/18/2011
Michael Little
Chief Financial Officer
2,000
$1.80
$3,605.02
PRXI operates in the Sporting Goods & Activities sector, among companies like WMS Industries Inc. (NYSE:WMS) which is up about 0.3% today, and Cedar Fair, L.P. (NYSE:FUN) trading up by about 0.8%. Below is a three month price history chart comparing the stock performance of PRXI, versus WMS and FUN.
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