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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Tuesday, Landec's Director, Nelson Obus, made a $310,000 buy of LNDC, purchasing 30,000 shares at a cost of $10.33 a piece. So far Obus is in the green, up about 2.1% on their buy based on today's trading high of $10.55. Landec is trading up about 0.1% on the day Thursday. Before this latest buy, Obus bought LNDC at 3 other times during the past twelve months, for a total investment of $630,540 at an average of $11.92 per share.
And at Otelco, there was insider buying on Wednesday, by Ira Sochet who purchased 7,341 shares for a cost of $17.08 each, for a total investment of $125,419. Before this latest buy, Sochet purchased OTEL on 18 other occasions during the past twelve months, for a total investment of $5.71M at an average of $15.58 per share. Otelco is trading off about 0.7% on the day Thursday.
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