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 Friday, Dish Network's Executive Vice President, James Defranco, made a $9.35M purchase of DISH, buying 300,000 shares at a cost of $31.18 a piece. So far Defranco is in the green, up about 5.8% on their purchase based on today's trading high of $32.98. Dish Network is trading up about 1.6% on the day Wednesday. Before this latest buy, Defranco purchased DISH at 24 other times during the past twelve months, for a total cost of $9.96M at an average of $29.74 per share.
And at Wayfair, there was insider buying on Friday, by Director Michael Andrew Kumin who bought 29,000 shares at a cost of $109.75 each, for a trade totaling $3.18M. Before this latest buy, Kumin bought W on 2 other occasions during the past twelve months, for a total cost of $2.07M at an average of $96.48 per share. Wayfair is trading up about 5.2% on the day Wednesday.
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