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, Yext (NYSE:YEXT)'s Director, Michael Walrath, made a $999,987 buy of YEXT, purchasing 64,987 shares at a cost of $15.39 each. So far Walrath is in the green, up about 4.0% on their buy based on today's trading high of $16.00. Yext is trading trading flat on the day Friday. This buy marks the first one filed by Walrath in the past year.
And at Covenant Transportation Group (CVTI), there was insider buying on Tuesday, by President of Subsidiary John A. Tweed who purchased 21,341 shares at a cost of $21.00 each, for a total investment of $448,223. This buy marks the first one filed by Tweed in the past twelve months. Covenant Transportation Group is trading up about 3.6% on the day Friday. Investors can snag CVTI even cheaper than Tweed did, with the stock changing hands as low as $20.37 in trading on Friday which is 3.0% under Tweed's purchase price.
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