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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Friday, MGM Resorts International (NYSE:MGM)'s Director, Keith A. Meister, made a $75.24M purchase of MGM, buying 2,874,578 shares at a cost of $26.18 each. Meister was up about 5.3% on the buy at the high point of today's trading session, with MGM trading as high as $27.57 at last check today. MGM Resorts International is trading up about 4.8% on the day Monday.
And on Wednesday, Director Eric Louis Zinterhofer purchased $1.5M worth of Global Eagle Entertainment (NASDAQ:ENT), purchasing 5,000,000 shares at a cost of $0.30 each. This buy marks the first one filed by Zinterhofer in the past twelve months. Global Eagle Entertainment is trading off about 1.3% on the day Monday. Zinterhofer was up about 113.2% on the purchase at the high point of today's trading session, with ENT trading as high as $0.64 in trading on Monday.
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