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 GUESS?, (NYSE:GES), a filing with the SEC revealed that on Thursday, CEO and Director Carlos Alberini purchased 347,353 shares of GES, at a cost of $14.32 each, for a total investment of $4.97M. GUESS?, is trading up about 3.2% on the day Tuesday.
And on Monday, Ronald O. Perelman bought $2.17M worth of Scientific Games Corp (NASDAQ:SGMS), buying 110,000 shares at a cost of $19.73 each. Before this latest buy, Perelman purchased SGMS at 5 other times during the past twelve months, for a total cost of $26.51M at an average of $17.97 per share. Scientific Games Corp is trading up about 8.2% on the day Tuesday. Perelman was up about 10.0% on the purchase at the high point of today's trading session, with SGMS trading as high as $21.71 at last check today.
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