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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 October 31, Office Depot, Inc.'s Director, W. Scott Hedrick, invested $120,650.00 into 50,000 shares of ODP, for a cost per share of $2.41. 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 Office Depot, Inc. (NASDAQ:ODP) and achieve a cost basis 14.6% cheaper than Hedrick, with shares changing hands as low as $2.06 per share. Office Depot, Inc. shares are currently trading up about 0.7% on the day. The chart below shows the one year performance of ODP shares, versus its 200 day moving average:
Looking at the chart above, ODP's low point in its 52 week range is $1.75 per share, with $6.25 as the 52 week high point — that compares with a last trade of $2.11. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
ODP operates in the Specialty Retail sector, among companies like Dick's Sporting Goods, Inc (NYSE:DKS) which is trading flat today, and Signet Jewelers Ltd (NYSE:SIG) trading lower by about 0.5%. Below is a three month price history chart comparing the stock performance of ODP, versus DKS and SIG.
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