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. (NYSE: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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