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.
On Thursday, Cumulus Media Inc. (NASDAQ:CMLS)'s CFO, Joseph Patrick Hannan, made a $82,500 purchase of CMLS, buying 25,000 shares at a cost of $3.30 each. Cumulus Media Inc. is trading up about 0.6% on the day Monday. This purchase marks the first one filed by Hannan in the past year.
And at Equal Energy Ltd. (EQU), there was insider buying on Wednesday, by Director Robert M. Wilkinson who purchased 18,600 shares at a cost of $3.45 each, for a total investment of $64,168. Before this latest buy, Wilkinson made one other purchase in the past year, buying $4,826 shares at a cost of $3.45 each. Equal Energy Ltd. is trading up about 8.6% on the day Monday. So far Wilkinson is in the green, up about 14.2% on their purchase based on today's trading high of $3.94.
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