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, ARMOUR Residential REIT's CIO, Scott Ulm, made a $69,000 buy of ARR, purchasing 10,000 shares at a cost of $6.90 a piece. Ulm was up about 25.5% on the buy at the high point of today's trading session, with ARR trading as high as $8.66 at last check today. ARMOUR Residential REIT is trading up about 7.2% on the day Wednesday. Before this latest buy, Ulm purchased ARR at 3 other times during the past year, for a total investment of $1.67M at an average of $17.58 per share.
And also on Monday, Director Richard F. Miles purchased $65,500 worth of Geospace Technologies, purchasing 10,000 shares at a cost of $6.55 a piece. Geospace Technologies is trading up about 2.6% on the day Wednesday. So far Miles is in the green, up about 8.4% on their buy based on today's trading high of $7.10.
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