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.
On Tuesday, Ambac Financial Group (NYSE:AMBC)'s Interim Chief Exec. Officer, Tavakoli Nader, made a $248,061 purchase of AMBC, buying 15,000 shares at a cost of $16.54 each. So far Nader is in the green, up about 8.1% on their purchase based on today's trading high of $17.87. Ambac Financial Group is trading up about 4.5% on the day Wednesday. This purchase marks the first one filed by Nader in the past year.
And on Monday, CEO Tom Carson bought $158,800 worth of Rovi Corp. (ROVI), buying 10,000 shares at a cost of $15.88 each. This buy marks the first one filed by Carson in the past year. Rovi Corp. is trading up about 3% on the day Wednesday.
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