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.
On Thursday, Scientific Games', Ronald O. Perelman, made a $3.13M purchase of SGMS, buying 200,000 shares at a cost of $15.63 each. Scientific Games is trading up about 0.9% on the day Friday. Before this latest buy, Perelman made one other purchase in the past twelve months, buying $5.55M shares for a cost of $31.73 a piece.
And at CNX Resources, there was insider buying on Wednesday, by Director Bernard Lanigan Jr. who purchased 100,000 shares for a cost of $11.95 each, for a total investment of $1.2M. This purchase marks the first one filed by Lanigan Jr. in the past year. CNX Resources is trading up about 1% on the day Friday. Bargain hunters can grab CNX even cheaper than Lanigan Jr. did, with the stock changing hands as low as $11.66 at last check today which is 2.4% under Lanigan Jr.'s purchase price.
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