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Top Buys by Directors: Choe's $3M Bet on W
By Market News Video Staff, Wednesday, June 1, 11:32 AM ET
The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $3M invested across 2 purchases by Michael W. Choe, Director at Wayfair Inc (NYSE:W).
Choe bets big on W:
Purchased
Insider
Title
Shares
Price/Share
Value
03/03/2022
Michael W. Choe
Director
10,000
$122.24
$1,222,400.00
05/19/2022
Michael W. Choe
Director
35,000
$49.86
$1,745,100.00
Choe's average cost works out to $65.94/share. In trading on Wednesday, bargain hunters could buy shares of Wayfair Inc (NYSE:W) and achieve a cost basis lower than Choe, with shares changing hands as low as $57.17 per share. Shares of Wayfair Inc were changing hands at $57.49 at last check, trading off about 3.7% on Wednesday. The chart below shows the one year performance of W shares, versus its 200 day moving average:
Looking at the chart above, W's low point in its 52 week range is $45.13 per share, with $339.5577 as the 52 week high point — that compares with a last trade of $57.49.
This Article's Word Cloud:BuysChoeCompanyDirectorDirectorsDividendsFreeInsiderLookingMichaelNYSEPresumablyPricePurchasedReportShareSharesStartTitleValueWayfairWednesdayaboutaboveachieveacrossaveragebargainbasisbuyschangingchartcompanycostdirectorshandslastmakemaybemdashpointsharesharesstocktakethattheytradingweekwith
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