As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At JMP Group (NYSE:JMP), a filing with the SEC revealed that on Friday, CEO Joseph A. Jolson purchased 190,000 shares of JMP, for a cost of $7.25 each, for a total investment of $1.38M. So far Jolson is in the green, up about 6.8% on their purchase based on today's trading high of $7.74. JMP Group is trading up about 1.3% on the day Tuesday. Before this latest buy, Jolson bought JMP at 6 other times during the past twelve months, for a total cost of $6.26M at an average of $6.69 per share.
And also on Friday, CEO Stephen J. Jones purchased $1.06M worth of Covanta Holding Corp (NYSE:CVA), purchasing 50,000 shares at a cost of $21.15 each. Covanta Holding Corp is trading up about 4.8% on the day Tuesday. Jones was up about 5.3% on the purchase at the high point of today's trading session, with CVA trading as high as $22.26 in trading on Tuesday.
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.