As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Bassett Furniture Industries, Inc (NASDAQ:BSET), a filing with the SEC revealed that on Monday, Pres & Chief Executive Officer Robert H. Spilman Jr. bought 16,000 shares of BSET, for a cost of $10.83 each, for a total investment of $173,312. Spilman Jr. was up about 6.8% on the purchase at the high point of today's trading session, with BSET trading as high as $11.57 in trading on Thursday. Bassett Furniture Industries, Inc is trading up about 2.1% on the day Thursday.
And at Bancorp of New Jersey, Inc. (AMEX:BKJ), there was insider buying on Tuesday, by CEO Albert F. Buzzetti who purchased 3,000 shares for a cost of $10.86 each, for a total investment of $32,580. Before this latest buy, Buzzetti purchased BKJ at 2 other times during the past twelve months, for a total investment of $18,065 at an average of $9.56 per share. Bancorp of New Jersey, Inc. is trading off about 0.7% on the day Thursday. Bargain hunters can bag BKJ even cheaper than Buzzetti did, with shares changing hands as low as $10.10 in trading on Thursday -- that's 7.0% below Buzzetti's purchase price.
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