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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Monday, Continental Resources' Director, Shelly Lambertz, made a $951,594 buy of CLR, purchasing 108,771 shares at a cost of $8.75 a piece. Lambertz was up about 22.5% on the buy at the high point of today's trading session, with CLR trading as high as $10.72 in trading on Wednesday. Continental Resources is trading down about 8.2% on the day Wednesday.
And at FedEx, there was insider buying on Friday, by Director John A. Edwardson who purchased 5,000 shares for a cost of $112.04 each, for a trade totaling $560,200. Before this latest buy, Edwardson bought FDX on 2 other occasions during the past twelve months, for a total investment of $3.02M at an average of $151.17 per share. FedEx Corp is trading down about 2.8% on the day Wednesday. Edwardson was up about 10.5% on the buy at the high point of today's trading session, with FDX trading as high as $123.78 in trading on Wednesday.
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