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 Friday, Entercom Communications' Chairman Emeritus, Joseph M. Field, made a $1.26M purchase of ETM, buying 200,000 shares at a cost of $6.32 each. Entercom Communications is trading up about 0.7% on the day Monday. Before this latest buy, Field purchased ETM at 23 other times during the past year, for a total cost of $47.6M at an average of $8.24 per share.
And at Concho Resources, there was insider buying on Wednesday, by Gary A. Merriman who bought 2,000 shares for a cost of $111.51 each, for a trade totaling $223,020. This buy marks the first one filed by Merriman in the past year. Concho Resources is trading up about 0.3% on the day Monday.
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