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.
At Coty, a filing with the SEC revealed that on Monday, Director Peter Harf purchased 4,675,301 shares of COTY, at a cost of $11.66 each, for a total investment of $54.49M. Harf was up about 10.2% on the buy at the high point of today's trading session, with COTY trading as high as $12.85 at last check today. Coty is trading up about 5.2% on the day Wednesday. This buy marks the first one filed by Harf in the past year.
And at Newmark Group, there was insider buying on Tuesday, by Chief Executive Officer Barry M. Gosin who bought 561,084 shares for a cost of $7.71 each, for a total investment of $4.33M. Before this latest buy, Gosin bought NMRK at 3 other times during the past twelve months, for a total investment of $8.99M at an average of $9.05 per share. Newmark Group is trading up about 1.5% on the day Wednesday. Gosin was up about 7.1% on the purchase at the high point of today's trading session, with NMRK trading as high as $8.26 in trading on Wednesday.
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