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 Essex Rental Corp (NASDAQ:ESSX), a filing with the SEC revealed that on Friday, CEO & President Ronald Schad purchased 172,000 shares of ESSX, at a cost of $2.95 each, for a total investment of $507,400. Schad was up about 19.7% on the purchase at the high point of today's trading session, with ESSX trading as high as $3.53 at last check today. Essex Rental Corp is trading up about 6% on the day Tuesday. This purchase marks the first one filed by Schad in the past year.
And on Monday, Director Michael S. Maurer bought $499,993 worth of Angie's List Inc. (NASDAQ:ANGI), buying 38,461 shares at a cost of $13.00 a piece. Before this latest buy, Maurer made one other purchase in the past year, buying $101,010 shares at a cost of $14.43 each. Angie's List Inc. is trading up about 0.2% on the day Tuesday.
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