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 Basic Energy Services Inc (NYSE:BAS), a filing with the SEC revealed that on Thursday, Director Steven A. Webster purchased 76,200 shares of BAS, at a cost of $9.49 each, for a total investment of $723,472. Basic Energy Services Inc is trading up about 1.1% on the day Friday. Before this latest buy, Webster bought BAS on 5 other occasions during the past twelve months, for a total cost of $4.75M at an average of $14.50 per share.
And on Wednesday, President - COO Richard Cote purchased $346,285 worth of Movado Group, Inc. (NYSE:MOV), purchasing 13,903 shares at a cost of $24.91 a piece. Movado Group, Inc. is trading up about 3.4% on the day Friday.
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