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.
On Friday, Superior Drilling Products (AMEX:SDPI)'s Director, Robert Iversen, made a $14,663 buy of SDPI, purchasing 10,000 shares at a cost of $1.47 each. Investors can buy SDPI at a price even lower than Iversen did, with the stock changing hands as low as $1.43 in trading on Wednesday -- that's 2.7% below Iversen's purchase price. Superior Drilling Products is trading up about 2.1% on the day Wednesday. Before this latest buy, Iversen made one other buy in the past twelve months, purchasing $24,840 shares at a cost of $0.69 a piece.
And also on Friday, Director Gregory P. Chandler purchased $4,995 worth of FS Investment (FSIC), purchasing 675 shares at a cost of $7.40 a piece. Before this latest buy, Chandler bought FSIC on 2 other occasions during the past twelve months, for a total cost of $29,967 at an average of $9.70 per share. FS Investment is trading up about 2% on the day Wednesday. Chandler was up about 4.1% on the buy at the high point of today's trading session, with FSIC trading as high as $7.70 in trading on Wednesday.
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