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 one noteworthy recent insider buy.
On Monday, Director Kenneth G. Langone bought $402,560 worth of Unifi (NYSE:UFI), buying 16,000 shares at a cost of $25.16 a piece. Before this latest buy, Langone purchased UFI on 10 other occasions during the past year, for a total cost of $1.53M at an average of $22.89 per share. Unifi is trading up about 3.3% on the day Thursday. Langone was up about 8.2% on the purchase at the high point of today's trading session, with UFI trading as high as $27.23 at last check today.
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