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 MVC Capital (NYSE:MVC), a filing with the SEC revealed that on Thursday, Director Robert C. Knapp purchased 35,882 shares of MVC, at a cost of $13.78 each, for a total investment of $494,583. So far Knapp is in the green, up about 1.6% on their purchase based on today's trading high of $14.01. This purchase marks the first one filed by Knapp in the past year.
And at Ryman Hospitality Properties (NYSE:RHP), there was insider buying on Wednesday, by CEO Colin V. Reed who purchased 5,424 shares at a cost of $43.45 each, for a total investment of $235,673. Before this latest buy, Reed purchased RHP on 3 other occasions during the past year, for a total investment of $1.22M at an average of $34.49 per share. Ryman Hospitality Properties is trading down about 0.4% on the day Friday.
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