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 December 11, Argan Inc's Director, John Ronald Jeffrey Jr., invested $47,600.00 into 1,000 shares of AGX, for a cost per share of $47.60. 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 Tuesday, bargain hunters could buy shares of Argan Inc (NYSE:AGX) and achieve a cost basis 4.7% cheaper than Jeffrey Jr., with shares changing hands as low as $45.38 per share. Argan Inc shares are currently trading up about 1.5% on the day. The chart below shows the one year performance of AGX shares, versus its 200 day moving average:
Looking at the chart above, AGX's low point in its 52 week range is $41.79 per share, with $76.70 as the 52 week high point — that compares with a last trade of $45.80. By comparison, below is a table showing the prices at which AGX insider buying was recorded over the last six months:
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