As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let's look at two noteworthy recent insider buys.
At Gannett, a filing with the SEC revealed that on Thursday, Chief Executive Officer Michael Reed bought 285,000 shares of GCI, for a cost of $6.61 each, for a total investment of $1.88M. Gannett is trading up about 3.7% on the day Friday.
And on Wednesday, Director Charles D. Denson purchased $498,240 worth of Funko, purchasing 36,000 shares at a cost of $13.84 each. Before this latest buy, Denson purchased FNKO at 2 other times during the past year, for a total cost of $955,030 at an average of $20.94 per share. Funko is trading up about 6.4% on the day Friday. So far Denson is in the green, up about 5.8% on their buy based on today's trading high of $14.64.
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