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, Advanced Drainage Systems (NYSE:WMS)'s Director, Ross M. Jones, made a $59.5M purchase of WMS, buying 2,000,000 shares at a cost of $29.75 each. So far Jones is in the green, up about 9.0% on their buy based on today's trading high of $32.44. Advanced Drainage Systems is trading up about 1.4% on the day Friday. This buy marks the first one filed by Jones in the past year.
And at Flotek Industries (NYSE:FTK), there was insider buying on Thursday, by Director David Nierenberg who bought 268,200 shares for a cost of $2.40 each, for a trade totaling $642,330. Before this latest buy, Nierenberg made one other buy in the past twelve months, purchasing $316,228 shares for a cost of $3.12 each. Flotek Industries is trading up about 1.4% on the day Friday. So far Nierenberg is in the green, up about 8.9% on their buy based on today's trading high of $2.61.
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