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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 November 9, Sprint Nextel Corp's CEO, Daniel Hesse, invested $281,580.00 into 100,000 shares of S, for a cost per share of $2.82. 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 Sprint Nextel Corp (NYSE:S) and achieve a cost basis 13.7% cheaper than Hesse, with shares changing hands as low as $2.43 per share. Sprint Nextel Corp shares are currently trading off about 0.2% on the day. The chart below shows the one year performance of S shares, versus its 200 day moving average:
Looking at the chart above, S's low point in its 52 week range is $2.10 per share, with $6.45 as the 52 week high point — that compares with a last trade of $2.44. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
S operates in the Communications Services sector, among companies like Rogers Communications Inc. (NYSE:RCI) which is up about 0.7% today, and Mobile Telesystems OJSC (NYSE:MBT) trading up by about 2.4%. Below is a three month price history chart comparing the stock performance of S, versus RCI and MBT.
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