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.
On Wednesday, Penn National Gaming, Inc. (NASDAQ:PENN)'s Chief Financial Officer, William J. Clifford, made a $2.02M buy of PENN, purchasing 43,000 shares at a cost of $46.89 each. Penn National Gaming, Inc. is trading off about 1.5% on the day Monday.
And at CAMAC Energy Inc. (AMEX:CAK), there was insider buying on Wednesday, by CEO Kase Lukman Lawal who bought 60,000 shares for a cost of $0.75 each, for a trade totaling $44,835. Before this latest buy, Lawal bought CAK at 4 other times during the past twelve months, for a total investment of $293,700 at an average of $0.93 per share. CAMAC Energy Inc. is trading up about 1.5% on the day Monday. Investors have the opportunity to snag CAK at a price even lower than Lawal did, with the stock trading as low as $0.65 at last check today which is 12.8% below Lawal's purchase price.
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