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.
At Progressive (NYSE:PGR), a filing with the SEC revealed that on Monday, CEO John F. Auer purchased 50,000 shares of PGR, at a cost of $30.28 each, for a total investment of $1.51M. So far Auer is in the green, up about 1.1% on their purchase based on today's trading high of $30.62. Progressive is trading up about 0.6% on the day Thursday. This buy marks the first one filed by Auer in the past year.
And at Insmed (NASDAQ:INSM), there was insider buying on Monday, by CEO William Lewis who purchased 50,000 shares at a cost of $13.34 each, for a total investment of $667,000. Insmed is trading up about 3.3% on the day Thursday.
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