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.
At Si-bone (NASDAQ:SIBN), a filing with the SEC revealed that on Friday, Director Timothy Petersen purchased 200,000 shares of SIBN, at a cost of $15.00 each, for a total investment of $3M. Petersen was up about 35.9% on the purchase at the high point of today's trading session, with SIBN trading as high as $20.38 in trading on Monday. Si-bone is trading off about 2.4% on the day Monday. This buy marks the first one filed by Petersen in the past year.
And on Wednesday, President-Banking David T. Popwell bought $250,077 worth of First Horizon National Corp (NYSE:FHN), buying 15,750 shares at a cost of $15.88 a piece. First Horizon National Corp is trading down about 1.1% on the day Monday. Investors are able to snag FHN at a price even lower than Popwell did, with the stock trading as low as $15.40 at last check today which is 3.0% below Popwell's purchase price.
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