As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Energy Recovery (NASDAQ:ERII), a filing with the SEC revealed that on Tuesday, Director Dominique Trempont bought 39,566 shares of ERII, at a cost of $4.74 each, for a total investment of $187,402. Trempont was up about 11.9% on the purchase at the high point of today's trading session, with ERII trading as high as $5.30 at last check today. Energy Recovery is trading up about 0.2% on the day Thursday. Before this latest buy, Trempont made one other buy in the past twelve months, purchasing $299,899 shares at a cost of $4.64 a piece.
And also on Tuesday, Director Mario J. Gabelli purchased $119,350 worth of GDL Fund (NYSE:GDL), purchasing 11,000 shares at a cost of $10.85 each. Before this latest buy, Gabelli bought GDL on 7 other occasions during the past year, for a total investment of $331,960 at an average of $10.97 per share. GDL Fund is trading trading flat on the day Thursday.
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