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 Monday, Dell Technologies (NYSE:DVMT)'s Chief Executive Officer, Michael S. Dell, made a $715,434 buy of DVMT, purchasing 24,807 shares at a cost of $28.84 each. Dell was up about 128.1% on the purchase at the high point of today's trading session, with DVMT trading as high as $65.78 in trading on Thursday. Dell Technologies is trading up about 0.2% on the day Thursday. Before this latest buy, Dell bought DVMT at 3 other times during the past year, for a total investment of $30.43M at an average of $27.52 per share.
And at Nuveen Floating Rate Income Fund (NYSE:JFR), there was insider buying on Tuesday, by Albin F. Moschner who bought 25,000 shares for a cost of $12.02 each, for a total investment of $300,500. Nuveen Floating Rate Income Fund is trading down about 0.1% on the day Thursday. Moschner was up about 0.7% on the purchase at the high point of today's trading session, with JFR trading as high as $12.10 at last check today.
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