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 Avid Technology (NASDAQ:AVID), a filing with the SEC revealed that on Tuesday, CEO Louis Hernandez Jr. purchased 141,447 shares of AVID, at a cost of $5.00 each, for a total investment of $707,079. So far Hernandez Jr. is in the green, up about 6.0% on their buy based on today's trading high of $5.30. Avid Technology is trading up about 7.1% on the day Thursday.
And on Monday, CEO Jeffrey Gennette purchased $300,299 worth of Macy's (NYSE:M), purchasing 13,085 shares at a cost of $22.95 a piece. This buy marks the first one filed by Gennette in the past year. Macy's is trading up about 1.2% on the day Thursday.
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