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Top Buys by Directors: Hastings's $1M Bet on FB

By Market News Video Staff, Friday, August 10, 11:01 AM ET
Play Video: One Reason For Insiders to Buy

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The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $1M by Reed Hastings, Director at Facebook, Inc. (NASDAQ:FB).

Hastings bets big on FB:

Purchased Insider Title Shares Price/Share Value
08/08/2012 Reed Hastings Director 47,846 $21.03 $1,006,201.38

Hastings's average cost works out to $21.03/share. Shares of Facebook, Inc. were changing hands at $21.51 at last check, trading up about 2.4% on Friday. The chart below shows the one year performance of FB shares, versus its 200 day moving average:

Facebook, Inc. Chart

Looking at the chart above, FB's low point in its 52 week range is $19.82 per share, with $45.00 as the 52 week high point that compares with a last trade of $21.51.

According to the ETF Finder at ETF Channel, FB makes up 5.97% of the Social Media Index ETF (NASDAQ:SOCL) which is trading relatively unchanged on the day Friday.

See what other ETFs contain FB
See what other stocks are held by SOCL

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