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 Thursday, Peloton Interactive (NASDAQ:PTON)'s Director, Howard C. Draft, made a $2M buy of PTON, purchasing 68,965 shares at a cost of $29.00 each. Investors can grab PTON even cheaper than Draft did, with the stock trading as low as $24.75 at last check today which is 14.7% below Draft's purchase price. Peloton Interactive is trading down about 0.2% on the day Tuesday.
And on Monday, See remarks Steven G. Litchfield bought $249,441 worth of MaxLinear (NASDAQ:MXL), buying 11,105 shares at a cost of $22.46 each. Before this latest buy, Litchfield bought MXL on 3 other occasions during the past twelve months, for a total investment of $749,171 at an average of $21.99 per share. MaxLinear is trading up about 2.1% on the day Tuesday. Litchfield was up about 3.6% on the buy at the high point of today's trading session, with MXL trading as high as $23.26 in trading on Tuesday.
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