As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
And also on Thursday, CEO and President Laurence Penn purchased $55,783 worth of Ellington Financial LLC (NYSE:EFC), buying 3,255 shares at a cost of $17.14 a piece. Before this latest buy, Penn purchased EFC on 7 other occasions during the past twelve months, for a total investment of $126,537 at an average of $17.07 per share. In the past year, 1 other insider purchased EFC, purchasing $52,096 shares at a cost of $17.09 a piece. Ellington Financial LLC is trading down about 0.7% on the day Tuesday.
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