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 Covisint (NASDAQ:COVS), a filing with the SEC revealed that on Monday, CEO David A. McGuffie purchased 8,000 shares of COVS, at a cost of $9.21 each, for a total investment of $73,655. Covisint is trading off about 0.3% on the day Thursday.
And at Old Republic International (NYSE:ORI), there was insider buying on Monday, by Director James C. Hellauer who purchased 4,000 shares for a cost of $15.38 each, for a total investment of $61,520. This buy marks the first one filed by Hellauer in the past twelve months. Old Republic International Corp. is trading up about 0.8% on the day Thursday.
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