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Top Buys by Directors: Scully's $509.8K Bet on INNV
By Market News Video Staff, Tuesday, September 20, 2:33 PM 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 $509.8K by Thomas Scully, Director at InnovAge Holding Corp (NASDAQ:INNV).
Scully bets big on INNV:
Purchased
Insider
Title
Shares
Price/Share
Value
09/15/2022
Thomas Scully
Director
100,000
$5.10
$509,800.00
Scully's average cost works out to $5.10/share. Shares of InnovAge Holding Corp were changing hands at $6.08 at last check, trading down about 2.6% on Tuesday. The chart below shows the one year performance of INNV shares, versus its 200 day moving average:
Looking at the chart above, INNV's low point in its 52 week range is $3.39 per share, with $13.0699 as the 52 week high point — that compares with a last trade of $6.08.
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