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 Tuesday, New Media Investment Group (NYSE:NEWM)'s Chief Executive Officer, Michael Reed, made a $411,250 buy of NEWM, purchasing 25,000 shares at a cost of $16.45 a piece. Reed was up about 2.8% on the purchase at the high point of today's trading session, with NEWM trading as high as $16.91 at last check today. New Media Investment Group is trading up about 2% on the day Wednesday. Before this latest buy, Reed bought NEWM on 2 other occasions during the past twelve months, for a total investment of $802,000 at an average of $13.37 per share.
And at Conns (NASDAQ:CONN), there was insider buying on Monday, by Chief Human Resources Officer Brian Daly who bought 5,100 shares for a cost of $27.87 each, for a total investment of $142,128. Before this latest buy, Daly made one other buy in the past twelve months, purchasing $100,048 shares at a cost of $13.52 each. Conns is trading up about 0.7% on the day Wednesday.
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