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 Kite Pharma (KITE), a filing with the SEC revealed that on Tuesday, CEO Arie Belldegrun purchased 17,000 shares of KITE, at a cost of $68.57 each, for a total investment of $1.17M. Belldegrun was up about 7.0% on the purchase at the high point of today's trading session, with KITE trading as high as $73.34 in trading on Wednesday. Kite Pharma is trading up about 1% on the day Wednesday.
And on Friday, Director Steven T. Stull bought $536,973 worth of FleetCor Technologies (NYSE:FLT), buying 4,000 shares at a cost of $134.24 each. This buy marks the first one filed by Stull in the past year. FleetCor Technologies is trading off about 0.8% on the day Wednesday.
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