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 Monday, Plug Power (NASDAQ:PLUG)'s Director, George C. McNamee, made a $233,840 purchase of PLUG, buying 100,000 shares at a cost of $2.34 each. So far McNamee is in the green, up about 12.5% on their purchase based on today's trading high of $2.63. Plug Power is trading up about 1% on the day Wednesday. This purchase marks the first one filed by McNamee in the past twelve months.
And at PRGX Global (NASDAQ:PRGX), there was insider buying on Friday, by Director Matthew A. Drapkin who bought 25,000 shares at a cost of $8.42 each, for a trade totaling $210,497. Before this latest buy, Drapkin bought PRGX on 8 other occasions during the past twelve months, for a total investment of $2M at an average of $9.32 per share. PRGX Global is trading trading flat on the day Wednesday. Bargain hunters can buy PRGX even cheaper than Drapkin did, with shares trading as low as $8.12 in trading on Wednesday which is 3.6% below Drapkin's purchase price.
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