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Snatch This Bargain Even Cheaper Than CEO - Safe Harbor Marinas, LLC Underwood Did
By Market News Video Staff, Wednesday, May 31, 3:16 PM ET
There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on May 25, Sun Communities Inc's CEO - Safe Harbor Marinas, LLC, Baxter Underwood, invested $50,472.00 into 400 shares of SUI, for a cost per share of $126.18. Bargain hunters tend to pay particular attention to insider buys like this one, because 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.
In trading on Wednesday, bargain hunters could buy shares of Sun Communities Inc (NYSE:SUI) and achieve a cost basis even cheaper than Underwood, with shares changing hands as low as $125.25 per share. Sun Communities Inc shares are currently trading down about 1.5% on the day. The chart below shows the one year performance of SUI shares, versus its 200 day moving average:
Looking at the chart above, SUI's low point in its 52 week range is $117.63 per share, with $172.67 as the 52 week high point — that compares with a last trade of $125.23. By comparison, below is a table showing the prices at which SUI insider buying was recorded over the last six months:
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