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 Thursday, Applied Optoelectronics (NASDAQ:AAOI)'s Director, Alan D. Moore, made a $1.06M purchase of AAOI, buying 105,000 shares at a cost of $10.08 each. Moore was up about 5.9% on the buy at the high point of today's trading session, with AAOI trading as high as $10.67 at last check today. Applied Optoelectronics is trading up about 6.3% on the day Monday.
And also on Thursday, Chief Executive Officer F. Thomson Leighton bought $999,749 worth of Akamai Technologies (NASDAQ:AKAM), buying 18,881 shares at a cost of $52.95 a piece. Before this latest buy, Leighton bought AKAM at 4 other times during the past twelve months, for a total cost of $8M at an average of $52.04 per share. Akamai Technologies is trading up about 2.6% on the day Monday. Leighton was up about 3.2% on the purchase at the high point of today's trading session, with AKAM trading as high as $54.66 in trading on Monday.
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