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.
On Monday, MGM Resorts International's Director, Paul J. Salem, made a $3.92M buy of MGM, purchasing 340,000 shares at a cost of $11.54 each. Investors can grab MGM at a price even lower than Salem did, with shares trading as low as $10.80 in trading on Wednesday -- that's 6.4% below Salem's purchase price. MGM Resorts International is trading down about 6.3% on the day Wednesday. Before this latest buy, Salem made one other purchase in the past year, buying $20.32M shares for a cost of $25.40 a piece.
And on Friday, Director James Richard Perry bought $586,934 worth of Energy Transfer, buying 120,000 shares at a cost of $4.89 a piece. Energy Transfer is trading up about 0.9% on the day Wednesday. Investors are able to snag ET even cheaper than Perry did, with the stock trading as low as $4.52 at last check today which is 7.6% under Perry's purchase price.
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