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 Friday, Discovery (NASDAQ:DISCA)'s Director, J. David Wargo, made a $4.59M purchase of DISCA, buying 162,450 shares at a cost of $28.28 each. Wargo was up about 12.7% on the purchase at the high point of today's trading session, with DISCA trading as high as $31.86 at last check today. Discovery is trading up about 0.4% on the day Wednesday. This buy marks the first one filed by Wargo in the past year.
And on Monday, Chief Executive Officer H. Michael Krimbill bought $990,891 worth of NGL Energy Partners LP (NYSE:NGL), buying 100,000 shares at a cost of $9.91 a piece. Before this latest buy, Krimbill purchased NGL on 3 other occasions during the past year, for a total investment of $1.41M at an average of $12.30 per share. NGL Energy Partners LP is trading up about 1% on the day Wednesday. So far Krimbill is in the green, up about 2.7% on their purchase based on today's trading high of $10.18.
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