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, ViewRay's CEO, Scott William Drake, made a $500,048 purchase of VRAY, buying 131,260 shares at a cost of $3.81 each. ViewRay Inc is trading down about 2.2% on the day Thursday. Before this latest buy, Drake made one other buy in the past year, purchasing $388,200 shares at a cost of $6.47 each.
And on Wednesday, Director M. Scott Welch bought $425,100 worth of Lakeland Financial, buying 10,000 shares at a cost of $42.51 each. Before this latest buy, Welch purchased LKFN at 4 other times during the past year, for a total investment of $1.31M at an average of $42.58 per share. Lakeland Financial is trading up about 0.7% on the day Thursday.
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