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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Thursday, Providence Service Corp (NASDAQ:PRSC)'s SVP, General Counsel, Michael-bryant Hicks, made a $28,938 purchase of PRSC, buying 689 shares at a cost of $42.00 each. So far Hicks is in the green, up about 3.2% on their buy based on today's trading high of $43.35. Providence Service Corp is trading up about 0.3% on the day Monday. This buy marks the first one filed by Hicks in the past twelve months.
And at Kingsway Financial Services (NYSE:KFS), there was insider buying on Wednesday, by Director Gary Schaevitz who purchased 5,000 shares at a cost of $5.22 each, for a trade totaling $26,125. Before this latest buy, Schaevitz made one other purchase in the past twelve months, buying $24,885 shares at a cost of $4.44 a piece. Kingsway Financial Services is trading up about 1.4% on the day Monday. Bargain hunters are able to grab KFS even cheaper than Schaevitz did, with shares trading as low as $5.00 in trading on Monday -- that's 4.3% under Schaevitz's purchase price.
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