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 First Busey Corp. (BUSE), a filing with the SEC revealed that on Wednesday, Director Stephen V. King bought 57,124 shares of BUSE, at a cost of $4.54 each, for a total investment of $259,192. First Busey Corp. is trading up about 1.6% on the day Friday.
And at Zoltek Companies Inc (ZOLT), there was insider buying on Tuesday, by Director Michael D. Latta who purchased 10,000 shares at a cost of $6.93 each, for a total investment of $69,350. This buy marks the first one filed by Latta in the past year. Zoltek Companies Inc is trading down about 2.4% on the day Friday. Latta was up about 15.2% on the buy at the high point of today's trading session, with ZOLT trading as high as $7.99 in trading on Friday.
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