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 Monday, MGM Resorts International's Director, Keith A. Meister, made a $2.32M purchase of MGM, buying 79,000 shares at a cost of $29.43 each. So far Meister is in the green, up about 5.9% on their buy based on today's trading high of $31.16. MGM Resorts International is trading up about 0.6% on the day Thursday. Before this latest buy, Meister purchased MGM on 6 other occasions during the past year, for a total investment of $130.75M at an average of $26.84 per share.
And at Zovio, there was insider buying on Tuesday, by Chief Executive Officer Andrew S. Clark who purchased 150,000 shares for a cost of $2.58 each, for a total investment of $386,505. Zovio is trading up about 10.8% on the day Thursday.
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