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.
At Eargo, a filing with the SEC revealed that on Tuesday, Director David James Wu purchased 111,111 shares of EAR, at a cost of $18.00 each, for a total investment of $2M. Wu was up about 105.2% on the buy at the high point of today's trading session, with EAR trading as high as $36.94 at last check today. Eargo is trading up about 2% on the day Friday. This purchase marks the first one filed by Wu in the past year.
And at Del Taco Restaurants, there was insider buying on Thursday, by Director Ari B. Levy who bought 67,400 shares at a cost of $7.49 each, for a total investment of $504,518. Before this latest buy, Levy purchased TACO at 4 other times during the past twelve months, for a total investment of $1.19M at an average of $3.85 per share. Del Taco Restaurants is trading up about 7.6% on the day Friday. So far Levy is in the green, up about 11.1% on their purchase based on today's trading high of $8.32.
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