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.
At Chesapeake Energy, a filing with the SEC revealed that on Wednesday, Director Archie W. Dunham bought 500,000 shares of CHK, for a cost of $5.24 each, for a total investment of $2.62M. Investors can buy CHK even cheaper than Dunham did, with the stock trading as low as $4.89 in trading on Thursday -- that's 6.8% under Dunham's purchase price. Chesapeake Energy is trading up about 1.3% on the day Thursday. Before this latest buy, Dunham bought CHK on 2 other occasions during the past year, for a total cost of $8.79M at an average of $6.51 per share.
And at SunOpta, there was insider buying on Monday, by CEO David Colo who bought 74,000 shares for a cost of $6.85 each, for a total investment of $506,900. SunOpta is trading up about 1.1% on the day Thursday. Colo was up about 5.8% on the buy at the high point of today's trading session, with STKL trading as high as $7.25 in trading on Thursday.
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