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| GMX Resources Slides 60% Below Casso's Purchase PriceBy Energy Stock Channel Staff, Tuesday, November 22, 1:39 PM ET
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 August 5, GMX Resources Inc.'s Director, Thomas G Casso, invested $33,590.00 into 10,000 shares of GMXR, for a cost per share of $3.36. 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 GMX Resources Inc. (NYSE:GMXR) and achieve a cost basis 59.8% cheaper than Casso, with shares changing hands as low as $1.35 per share. GMX Resources Inc. shares are currently trading up about 2.8% on the day. The chart below shows the one year performance of GMXR shares, versus its 200 day moving average:
Looking at the chart above, GMXR's low point in its 52 week range is $1.32 per share, with $6.48 as the 52 week high point — that compares with a last trade of $1.38. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
GMXR operates in the Oil & Gas Exploration & Production sector, among companies like Whiting Petroleum Corp (WLLPRA), and QEP Resources Inc (NYSE:QEP) trading lower by about 1.6%. Below is a three month price history chart comparing the stock performance of GMXR, versus QEP.
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One Reason For Insiders to Buy
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