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 Tuesday, Ivy High Income Opportunities Fund (IVH)'s, John E. Sundeen Jr., made a $363,360 buy of IVH, purchasing 20,000 shares at a cost of $18.17 a piece. So far Sundeen Jr. is in the green, up about 1.2% on their buy based on today's trading high of $18.38. This purchase marks the first one filed by Sundeen in the past year.
And also on Tuesday, Director John A. Paganelli purchased $84,472 worth of Opko Health (OPK), purchasing 10,000 shares at a cost of $8.45 a piece. This purchase marks the first one filed by Paganelli in the past year. Opko Health is trading up about 0.7% on the day Wednesday.
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