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 Tailored Brands (TLRD), a filing with the SEC revealed that on Friday, Director B. Michael Becker bought 2,960 shares of TLRD, for a cost of $17.90 each, for a total investment of $52,984. Investors can pick up TLRD even cheaper than Becker did, with the stock changing hands as low as $16.65 at last check today which is 7.0% below Becker's purchase price. Tailored Brands is trading off about 1.6% on the day Wednesday.
And also on Friday, Chairman and Secretary Phillip Goldstein purchased $52,240 worth of Special Opportunities Fund (NYSE:SPE), purchasing 4,000 shares at a cost of $13.06 a piece. Before this latest buy, Goldstein bought SPE on 4 other occasions during the past year, for a total cost of $280,880 at an average of $14.15 per share. Special Opportunities Fund is trading off about 0.1% on the day Wednesday. Thus far Goldstein is down about 0.4% on the purchase, with shares trading as low as $13.01 in trading on Wednesday.
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