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 Veritone, a filing with the SEC revealed that on Friday, President Ryan Steelberg purchased 16,701 shares of VERI, at a cost of $11.95 each, for a total investment of $199,640. So far Steelberg is in the green, up about 14.9% on their buy based on today's trading high of $13.73. Veritone is trading up about 8.8% on the day Tuesday. Before this latest buy, Steelberg bought VERI at 2 other times during the past year, for a total investment of $349,685 at an average of $7.75 per share.
And on Thursday, Director Kenneth S. Courtis purchased $137,379 worth of HC2 Holdings, purchasing 46,014 shares at a cost of $2.99 a piece. This buy marks the first one filed by Courtis in the past twelve months. HC2 Holdings is trading up about 1.7% on the day Tuesday. Courtis was up about 24.3% on the purchase at the high point of today's trading session, with HCHC trading as high as $3.71 in trading on Tuesday.
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