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 Thursday, MercadoLibre (NASDAQ:MELI)'s Director, Meyer Malka, made a $14.94M purchase of MELI, buying 49,978 shares at a cost of $298.89 each. MercadoLibre is trading down about 2.3% on the day Friday. Before this latest buy, Malka made one other buy in the past year, purchasing $499,846 shares for a cost of $292.65 a piece.
And at Mack Cali Realty Corp (NYSE:CLI), there was insider buying on Tuesday, by Chief Executive Officer Michael J. Demarco who bought 68,301 shares at a cost of $20.12 each, for a total investment of $1.37M. This buy marks the first one filed by Demarco in the past twelve months. Mack Cali Realty Corp is trading up about 1.7% on the day Friday. Bargain hunters are able to grab CLI at a price even lower than Demarco did, with the stock trading as low as $19.62 at last check today — that's 2.5% under Demarco's purchase price.
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