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, Chegg (NYSE:CHGG)'s Director, Barry McCarthy, made a $191,409 buy of CHGG, purchasing 30,000 shares at a cost of $6.38 each. McCarthy was up about 6.3% on the buy at the high point of today's trading session, with CHGG trading as high as $6.78 in trading on Thursday. Chegg is trading up about 3.2% on the day Thursday. Before this latest buy, McCarthy bought CHGG on 3 other occasions during the past twelve months, for a total investment of $483,711 at an average of $9.34 per share.
And also on Tuesday, Director C. Richard Wilson bought $148,251 worth of MPLX (NYSE:MPLX), buying 3,000 shares at a cost of $49.42 each. Before this latest buy, Wilson made one other purchase in the past twelve months, buying $115,365 shares at a cost of $38.45 each. MPLX is trading trading flat on the day Thursday. Wilson was up about 1.6% on the buy at the high point of today's trading session, with MPLX trading as high as $50.22 in trading on Thursday.
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