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 Friday, Intevac (NASDAQ:IVAC)'s Director, Matthew A. Drapkin, made a $827,136 purchase of IVAC, buying 124,153 shares at a cost of $6.66 a piece. Drapkin was up about 6.4% on the purchase at the high point of today's trading session, with IVAC trading as high as $7.09 at last check today. Intevac is trading up about 3.8% on the day Tuesday. Before this latest buy, Drapkin bought IVAC on 6 other occasions during the past twelve months, for a total cost of $5.21M at an average of $6.51 per share.
And on Thursday, Director L. F. Rooney III bought $490,727 worth of Laredo Petroleum (NYSE:LPI), buying 20,882 shares at a cost of $23.50 each. This buy marks the first one filed by Rooney III in the past twelve months. Laredo Petroleum is trading up about 1% on the day Tuesday. Rooney III was up about 2.3% on the purchase at the high point of today's trading session, with LPI trading as high as $24.05 in trading on Tuesday.
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