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.
On Wednesday, Wynn Resorts (NASDAQ:WYNN)'s Director, Daniel Boone Wayson, made a $3.52M buy of WYNN, purchasing 37,500 shares at a cost of $93.83 each. Investors have the opportunity to grab WYNN even cheaper than Wayson did, with shares changing hands as low as $91.51 in trading on Monday -- that's 2.5% below Wayson's purchase price. Wynn Resorts is trading up about 0.3% on the day Monday. This buy marks the first one filed by Wayson in the past year.
And on Thursday, Chief Executive Officer F. Thomson Leighton purchased $999,852 worth of Akamai Technologies (NASDAQ:AKAM), purchasing 14,828 shares at a cost of $67.43 each. Before this latest buy, Leighton purchased AKAM at 10 other times during the past year, for a total investment of $14M at an average of $53.42 per share. Akamai Technologies is trading up about 0.5% on the day Monday.
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