Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Tuesday, AST SpaceMobile's Director, Adriana Cisneros, made a $2M purchase of ASTS, buying 200,000 shares at a cost of $10.00 each. Cisneros was up about 6.2% on the purchase at the high point of today's trading session, with ASTS trading as high as $10.62 in trading on Friday. AST SpaceMobile is trading down about 4.1% on the day Friday. This purchase marks the first one filed by Cisneros in the past year.
And on Monday, Frank G. Pellegrino purchased $7,176 worth of Citizens & Northern, purchasing 299 shares at a cost of $24.00 each. Before this latest buy, Pellegrino bought CZNC on 11 other occasions during the past year, for a total investment of $92,644 at an average of $18.11 per share. Citizens & Northern is trading up about 0.5% on the day Friday. Investors can grab CZNC even cheaper than Pellegrino did, with shares trading as low as $23.56 at last check today which is 1.8% below Pellegrino's purchase price.
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