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, Fiesta Restaurant Group (NASDAQ:FRGI)'s , Brian P. Friedman, made a $4.66M purchase of FRGI, buying 290,000 shares at a cost of $16.06 a piece. Friedman was up about 12.7% on the buy at the high point of today's trading session, with FRGI trading as high as $18.10 in trading on Wednesday. Fiesta Restaurant Group is trading up about 3.1% on the day Wednesday. Before this latest buy, Friedman purchased FRGI at 12 other times during the past year, for a total cost of $41.71M at an average of $19.71 per share.
And on Friday, Director Heng Fai Ambrose Chan purchased $600,000 worth of Document Security Systems (AMEX:DSS), purchasing 800,000 shares at a cost of $0.75 each. This purchase marks the first one filed by Chan in the past year. Document Security Systems is trading up about 6.5% on the day Wednesday. Investors can snag DSS even cheaper than Chan did, with the stock trading as low as $0.73 at last check today which is 2.7% under Chan's purchase price.
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