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 21, Zhone Technologies Inc.'s CEO & President, Morteza Ejabat, invested $48,892.50 into 53,000 shares of ZHNE, for a cost per share of $0.92. 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 Zhone Technologies Inc (NASDAQ:ZHNE) and achieve a cost basis 1.4% cheaper than Ejabat, with shares changing hands as low as $0.91 per share. Zhone Technologies Inc shares are currently trading down about 7.1% on the day. The chart below shows the one year performance of ZHNE shares, versus its 200 day moving average:
Looking at the chart above, ZHNE's low point in its 52 week range is $0.79 per share, with $3.18 as the 52 week high point — that compares with a last trade of $0.91. By comparison, below is a table showing the prices at which insider buying was recorded over the last six months:
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ZHNE operates in the Manufacturing sector, among companies like Nokia Corp. (NYSE:NOK) which is off about 2.9% today, and Qualcomm, Inc. (NASDAQ:QCOM) trading lower by about 1.5%. Below is a three month price history chart comparing the stock performance of ZHNE, versus NOK and QCOM.
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