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 Smithfield Foods, Inc. (SFD), a filing with the SEC revealed that on Friday, Director David C. Nelson purchased 5,000 shares of SFD, at a cost of $19.56 each, for a total investment of $97,800. Smithfield Foods, Inc. is trading up about 0.4% on the day Monday. Before this latest buy, Nelson made one other buy in the past twelve months, purchasing $99,962 shares at a cost of $19.99 each.
And at Wave Systems Corp. (NASDAQ:WAVX), there was insider buying on Friday, by President/CEO Steven K. Sprague who purchased 57,403 shares at a cost of $0.92 each, for a trade totaling $52,811. Wave Systems Corp. is trading up about 3.1% on the day Monday. Sprague was up about 8.7% on the purchase at the high point of today's trading session, with WAVX trading as high as $1.00 in trading on Monday.
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