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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Monday, Netflix (NASDAQ:NFLX)'s Director, Jay C. Hoag, made a $51.86M buy of NFLX, purchasing 600,000 shares at a cost of $86.43 each. Hoag was up about 7.7% on the purchase at the high point of today's trading session, with NFLX trading as high as $93.10 at last check today. Netflix is trading up about 4.6% on the day Tuesday.
And on Friday, Director Edward P. Garden bought $5.91M worth of Bank of New York Mellon (NYSE:BK), buying 152,000 shares at a cost of $38.87 each. Before this latest buy, Garden purchased BK on 5 other occasions during the past twelve months, for a total cost of $78.10M at an average of $39.27 per share. Bank of New York Mellon is trading up about 1.1% on the day Tuesday. Garden was up about 1.7% on the buy at the high point of today's trading session, with BK trading as high as $39.54 at last check today.
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