Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Friday, Sun Bancorp (NASDAQ:SNBC)'s CEO, Thomas M. O'Brien, made a $187,800 purchase of SNBC, buying 10,000 shares at a cost of $18.78 each. So far O'Brien is down about 0.9% on the purchase, with shares trading as low as $18.61 in trading on Wednesday. Sun Bancorp is trading up about 0.3% on the day Wednesday. Before this latest buy, Obrien made one other purchase in the past twelve months, buying $47,425 shares for a cost of $18.97 each.
And at TrueCar (NASDAQ:TRUE), there was insider buying on Friday, by Director Christopher W. Claus who bought 10,000 shares at a cost of $17.80 each, for a total investment of $178,000. Before this latest buy, Claus bought TRUE on 2 other occasions during the past year, for a total investment of $762,900 at an average of $15.26 per share. TrueCar is trading down about 2.7% on the day Wednesday. Claus was up about 10.5% on the buy at the high point of today's trading session, with TRUE trading as high as $19.67 in trading on Wednesday.
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