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Top Buys by Directors: Ruchim's $3.8M Bet on SIX
By Market News Video Staff, Tuesday, August 24, 11:11 AM ET
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 $3.8M by Arik W. Ruchim, Director at Six Flags Entertainment Corp (NYSE:SIX).
Ruchim bets big on SIX:
Purchased
Insider
Title
Shares
Price/Share
Value
08/20/2021
Arik W. Ruchim
Director
100,000
$38.07
$3,806,787.50
Ruchim's average cost works out to $38.07/share. Shares of Six Flags Entertainment Corp were changing hands at $42.05 at last check, trading up about 5% on Tuesday. The chart below shows the one year performance of SIX shares, versus its 200 day moving average:
Looking at the chart above, SIX's low point in its 52 week range is $19.02 per share, with $51.75 as the 52 week high point — that compares with a last trade of $42.05.
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