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 Genesis Energy L.P. (NYSE:GEL), a filing with the SEC revealed that on Friday, Chief Executive Officer Grant E. Sims bought 44,263 shares of GEL, for a cost of $22.93 each, for a total investment of $1.01M. Investors can bag GEL at a price even lower than Sims did, with the stock changing hands as low as $21.84 in trading on Tuesday -- that's 4.8% under Sims's purchase price. Genesis Energy L.P. is trading off about 1.4% on the day Tuesday. This buy marks the first one filed by Sims in the past year.
And also on Friday, Executive Vice President Gregory A. McKelvey purchased $684,200 worth of Fossil Group (NASDAQ:FOSL), purchasing 110,000 shares at a cost of $6.22 each. Before this latest buy, McKelvey bought FOSL at 3 other times during the past twelve months, for a total cost of $378,977 at an average of $8.52 per share. Fossil Group is trading up about 2.5% on the day Tuesday. So far McKelvey is in the green, up about 13.9% on their buy based on today's trading high of $7.08.
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.