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 Berry Petroleum Co (NYSE:BRY), a filing with the SEC revealed that on Monday, CEO Robert Heinemann bought 10,000 shares of BRY, for a cost of $33.40 each, for a total investment of $333,995. Berry Petroleum Co is trading up about 2.1% on the day Thursday.
And at Iridium Communications Inc (NASDAQ:IRDM), there was insider buying on Tuesday, by Director Robert H. Niehaus who bought 30,000 shares at a cost of $6.45 each, for a trade totaling $193,500. Iridium Communications Inc is trading up about 2.1% on the day Thursday. Bargain hunters have the opportunity to snag IRDM at a price even lower than Niehaus did, with shares trading as low as $6.27 at last check today which is 2.8% below Niehaus's purchase price.
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