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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Gogo (NASDAQ:GOGO), a filing with the SEC revealed that on Thursday, Director Charles C. Townsend purchased 100,000 shares of GOGO, for a cost of $12.89 each, for a total investment of $1.29M. Gogo is trading up about 3.1% on the day Friday.
And on Wednesday, Director Robert M. Leblanc bought $556,000 worth of Magellan Health Services (NASDAQ:MGLN), buying 10,000 shares at a cost of $55.60 each. Magellan Health Services is trading up about 0.6% on the day Friday. Leblanc was up about 2.6% on the buy at the high point of today's trading session, with MGLN trading as high as $57.04 at last check today.
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