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 a noteworthy recent insider buy.
At Bally Technologies (NYSE:BYI), a filing with the SEC revealed that on Wednesday, CEO Ramesh Srinivasan bought 15,000 shares of BYI, at a cost of $67.54 each, for a total investment of $1.01M. Bally Technologies is trading up about 2.1% on the day Thursday. This purchase marks the first one filed by Srinivasan in the past year.
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