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 Herzfeld Caribbean Basin Fund (NASDAQ:CUBA), a filing with the SEC revealed that on Tuesday, PRESIDENT Thomas J. Herzfeld bought 12,000 shares of CUBA, at a cost of $6.81 each, for a total investment of $81,732. So far Herzfeld is in the green, up about 3.2% on their buy based on today's trading high of $7.03. Herzfeld Caribbean Basin Fund is trading up about 2.2% on the day Thursday. This purchase marks the first one filed by Herzfeld in the past year.
And also on Tuesday, Director Richard J. Gates purchased $67,400 worth of Interactive Brokers Group Incorporated (NASDAQ:IBKR), purchasing 5,000 shares at a cost of $13.48 each. This purchase marks the first one filed by Gates in the past twelve months. Interactive Brokers Group Incorporated is trading up about 1.4% on the day Thursday. Gates was up about 4.7% on the purchase at the high point of today's trading session, with IBKR trading as high as $14.11 at last check today.
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