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 EarthLink (ELNK), a filing with the SEC revealed that on Tuesday, Chief Executive Officer Joseph F. Eazor purchased 64,600 shares of ELNK, for a cost of $3.88 each, for a total investment of $250,829. Eazor was up about 4.3% on the purchase at the high point of today's trading session, with ELNK trading as high as $4.05 in trading on Wednesday.
And on Friday, Executive Vice President Christopher Y. Downs bought $108,184 worth of BSB Bancorp (NASDAQ:BLMT), buying 6,409 shares at a cost of $16.88 a piece. Before this latest buy, Downs made one other purchase in the past twelve months, buying $58,746 shares for a cost of $15.94 each. BSB Bancorp is trading up about 0.3% on the day Wednesday.
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