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Midway Gold Corp Shares Slide 12.6% Below Wolfus's Purchase Price

By Metals Channel Staff, Tuesday, November 22, 12:01 PM ET
Play Video: One Reason For Insiders to Buy


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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 September 12, Midway Gold Corp's Chief Executive Officer, Daniel E Wolfus, invested $97,800.00 into 37,500 shares of MDW, for a cost per share of $2.61. 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 Midway Gold Corp (AMEX:MDW) and achieve a cost basis 12.6% cheaper than Wolfus, with shares changing hands as low as $2.28 per share. Midway Gold Corp shares are currently trading down about 0.4% on the day. The chart below shows the one year performance of MDW shares, versus its 200 day moving average:

Midway Gold Corp Chart

Looking at the chart above, MDW's low point in its 52 week range is $0.62 per share, with $3.03 as the 52 week high point that compares with a last trade of $2.36. 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
08/05/2011 Daniel E Wolfus Chief Executive Officer 30,000 $2.06 $61,800.00
09/02/2011 Daniel E Wolfus Chief Executive Officer 22,500 $2.64 $59,350.00
09/07/2011 Daniel E Wolfus Chief Executive Officer 28,000 $2.61 $73,060.00
09/12/2011 Daniel E Wolfus Chief Executive Officer 37,500 $2.61 $97,800.00

MDW operates in the Precious Metals sector, among companies like Entree Gold Inc (AMEX:EGI) which is up about 6.1% today, and Platinum Group Metals Ltd. (AMEX:PLG) trading higher by about 5.4%. Below is a three month price history chart comparing the stock performance of MDW, versus EGI and PLG.

MDW,EGI,PLG Relative Performance Chart


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This Article's Word Cloud:   AMEX   Chief   Corp   Daniel   Definition   Executive   Gold   Importance   Insider   Metals   Midway   Officer   Price   Share   Trial   Wolfus   about   asset   below   buying   cash   changing   chart   cost   designed   earned   expect   hunters   insider   last   like   many   only   performance   point   portfolio   program   reason   share   shares   stock   that   their   there   this   trading   versus   week   which   with

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