Analysts See 21% Upside For DWAS Thursday, May 4, 7:47 AM ET, by Market News Video Staff Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, ...
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 $247K by Jagadeesh A. Reddy, CEO at Mayville Engineering Co Inc (NYSE:MEC).
Reddy bets big on MEC:
Purchased
Insider
Title
Shares
Price/Share
Value
11/04/2022
Jagadeesh A. Reddy
President & CEO
27,071
$9.13
$247,047.93
Reddy's average cost works out to $9.13/share. Shares of Mayville Engineering Co Inc were changing hands at $12.39 at last check, trading up about 3.1% on Tuesday. The chart below shows the one year performance of MEC shares, versus its 200 day moving average:
Looking at the chart above, MEC's low point in its 52 week range is $5.945 per share, with $15.68 as the 52 week high point — that compares with a last trade of $12.39.
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