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.
At E.W. Scripps Co. (NYSE:SSP), a filing with the SEC revealed that on Tuesday, SVP, CFO and Treasurer Timothy M. Wesolowski bought 26,700 shares of SSP, at a cost of $9.40 each, for a total investment of $250,980. Wesolowski was up about 5.2% on the buy at the high point of today's trading session, with SSP trading as high as $9.89 at last check today. E.W. Scripps Co. is trading down about 1% on the day Friday. This purchase marks the first one filed by Wesolowski in the past year.
And at Energy Recovery Inc (NASDAQ:ERII), there was insider buying on Thursday, by Director Dominique Trempont who bought 106,044 shares for a cost of $2.35 each, for a trade totaling $249,492. Before this latest buy, Trempont bought ERII at 3 other times during the past twelve months, for a total investment of $49,969 at an average of $2.40 per share. Energy Recovery Inc is trading up about 0.5% on the day Friday. Bargain hunters are able to grab ERII at a price even lower than Trempont did, with the stock changing hands as low as $2.17 in trading on Friday -- that's 7.8% below Trempont's purchase price.
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