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 Tuesday, Procera Networks (NASDAQ:PKT)'s Director, Thomas A. Saponas, made a $434,000 buy of PKT, purchasing 50,000 shares at a cost of $8.68 each. Procera Networks is trading up about 1.5% on the day Wednesday. Before this latest buy, Saponas made one other purchase in the past twelve months, buying $567,040 shares at a cost of $11.34 each.
And at Accuray (NASDAQ:ARAY), there was insider buying on Tuesday, by CEO Joshua Levine who bought 50,000 shares at a cost of $8.15 each, for a trade totaling $407,500. This buy marks the first one filed by Levine in the past twelve months. Accuray is trading down about 2.2% on the day Wednesday.
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