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Bargain Hunters Take Note: Insider Cluster-Buying At CRMD
By Market News Video Staff, Friday, May 19, 3:26 PM ET
A particularly strong insider buying signal is what we call a "cluster-buy" where three or more different insiders make open market purchases within a short period of one another. At CorMedix Inc (NASDAQ:CRMD), 3 different insiders purchased 25,000 shares at an average price of $4.53/share, for a total of $113,135, with the most recent purchase on May 17, 2023.
Presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. So when multiple insiders all decide to make purchases around the same time, it could be a strong indication that the stock is undervalued. Below is a table summarizing the insider buys that make up this "cluster":
Purchased
Insider
Title
Shares
Price/Share
Value
05/17/2023
Robert A. Stewart
10,000
$4.37
$43,735.00
05/17/2023
Joseph Todisco
Chief Executive Officer
5,000
$4.58
$22,900.00
05/17/2023
Paulo F. Costa
10,000
$4.65
$46,500.00
The chart below shows the one year performance of CRMD shares, versus its 200 day moving average. Note that CRMD's low point in its 52 week range is $2.645 per share, with $8.025 as the 52 week high point — that compares with a last trade of $5.06, with shares currently trading up about 11.6% on the day.
This Article's Word Cloud:BargainsBelowCRMDCheaperChiefCorMedixCostaDividendsExecutiveFreeInsiderInsidersJosephNoteOfficerPauloPresumablyPricePurchasedReportRobertShareSharesStartStewartThanTitleTodiscoValueaboutanotheraroundaverageclusterdifferentinsiderinsidersmakemarketopenpointpurchasessharesharesstockstrongthattheirweekwith
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