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Bag Shares of BLMN Cheaper Than the COO Did
By Market News Video Staff, Monday, November 29, 10:18 AM ET
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 22, Bloomin' Brands Inc's COO, Gregg Scarlett, invested $192,180.00 into 10,000 shares of BLMN, for a cost per share of $19.22. 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 Monday, bargain hunters could buy shares of Bloomin' Brands Inc (NASDAQ:BLMN) and achieve a cost basis even cheaper than Scarlett, with shares changing hands as low as $19.04 per share. Bloomin' Brands Inc shares are currently trading down about 0.1% on the day. The chart below shows the one year performance of BLMN shares, versus its 200 day moving average:
Looking at the chart above, BLMN's low point in its 52 week range is $17.01 per share, with $32.81 as the 52 week high point — that compares with a last trade of $19.13. By comparison, below is a table showing the prices at which BLMN insider buying was recorded over the last six months:
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