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 Summit Materials (NYSE:SUM), a filing with the SEC revealed that on Friday, EVP & Chief Operating Officer Karl Watson bought 35,500 shares of SUM, at a cost of $21.15 each, for a total investment of $750,823. Summit Materials is trading up about 1.3% on the day Wednesday. This purchase marks the first one filed by Watson in the past year.
And at Agilysys (NASDAQ:AGYS), there was insider buying on Tuesday, by CEO Ramesh Srinivasan who bought 35,000 shares at a cost of $15.39 each, for a trade totaling $538,491. Before this latest buy, Srinivasan made one other purchase in the past year, buying $588,450 shares at a cost of $11.77 a piece. Agilysys is trading up about 0.4% on the day Wednesday.
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