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 Monday, MVC Capital's Chairman, Michael T. Tokarz, made a $103,693 buy of MVC, purchasing 11,068 shares at a cost of $9.37 a piece. Tokarz was up about 1.5% on the purchase at the high point of today's trading session, with MVC trading as high as $9.51 in trading on Thursday. MVC Capital is trading up about 0.3% on the day Thursday. Before this latest buy, Tokarz made one other purchase in the past twelve months, buying $19,320 shares at a cost of $9.20 each.
And also on Monday, Director Virgis Colbert bought $24,350 worth of Drive Shack, buying 5,000 shares at a cost of $4.87 each. Drive Shack is trading up about 0.8% on the day Thursday. Investors have the opportunity to pick up DS even cheaper than Colbert did, with shares trading as low as $4.73 in trading on Thursday which is 2.9% under Colbert's purchase price.
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