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 dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Franklin Street Properties, a filing with the SEC revealed that on Monday, Dennis J. McGillicuddy bought 300,552 shares of FSP, for a cost of $4.22 each, for a total investment of $1.27M. So far McGillicuddy is in the green, up about 15.0% on their buy based on today's trading high of $4.85. Franklin Street Properties is trading up about 7.1% on the day Tuesday. Before this latest buy, McGillicuddy bought FSP at 3 other times during the past year, for a total cost of $1.09M at an average of $4.36 per share.
And at Avis Budget Group, there was insider buying on Friday, by EVP & Chief Financial Officer Brian J. Choi who purchased 23,735 shares for a cost of $45.88 each, for a total investment of $1.09M. This buy marks the first one filed by Choi in the past year. Avis Budget Group is trading up about 2.5% on the day Tuesday. So far Choi is in the green, up about 13.6% on their purchase based on today's trading high of $52.14.
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