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.
At WidePoint Corp (AMEX:WYY), a filing with the SEC revealed that on Friday, CEO-WidePoint Solutions Corp. Michael Mansouri purchased 39,602 shares of WYY, for a cost of $0.89 each, for a total investment of $35,397. WidePoint Corp is trading up about 1.9% on the day Tuesday. Before this latest buy, Mansouri made one other purchase in the past year, buying $3,549 shares at a cost of $0.89 a piece.
And on Thursday, Chairman of the Board Paul Fulton purchased $28,923 worth of Bassett Furniture Industries, Inc (NASDAQ:BSET), purchasing 3,000 shares at a cost of $9.64 each. Before this latest buy, Fulton bought BSET on 2 other occasions during the past year, for a total cost of $48,496 at an average of $8.08 per share. Bassett Furniture Industries, Inc is trading up about 1.6% on the day Tuesday. Fulton was up about 12.7% on the buy at the high point of today's trading session, with BSET trading as high as $10.87 in trading on Tuesday.
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