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 Tuesday, Pinnacle Entertainment Inc (NYSE:PNK)'s CEO, Anthony Michael Sanfilippo, made a $362,400 buy of PNK, purchasing 40,000 shares at a cost of $9.06 a piece. So far Sanfilippo is in the green, up about 6.5% on their buy based on today's trading high of $9.65. Pinnacle Entertainment Inc is trading up about 4.6% on the day Friday. Before this latest buy, Sanfilippo bought PNK on 7 other occasions during the past year, for a total cost of $2.39M at an average of $10.78 per share. In the past year, 6 other insiders bought PNK, in 11 transactions, for a total investment of $426,451 at an average of $10.53 per share.
And on Thursday, CFO John E. Hagale purchased $207,450 worth of Rosetta Resources, Inc. (NASDAQ:ROSE), purchasing 5,000 shares at a cost of $41.49 a piece. This purchase marks the first one filed by Hagale in the past twelve months. Rosetta Resources, Inc. is trading up about 2.6% on the day Friday. So far Hagale is in the green, up about 3.7% on their purchase based on today's trading high of $43.02.
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