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.
On Tuesday, Hycroft Mining Holding's CFO, Stanton K. Rideout, made a $192,500 buy of HYMC, purchasing 55,000 shares at a cost of $3.50 each. So far Rideout is in the green, up about 13.4% on their purchase based on today's trading high of $3.97. Hycroft Mining Holding is trading up about 5.9% on the day Friday. Before this latest buy, Rideout made one other buy in the past year, purchasing $105,000 shares for a cost of $7.00 a piece.
And at Franchise Group, there was insider buying on Wednesday, by Director Patrick A. Cozza who bought 4,000 shares at a cost of $37.32 each, for a total investment of $149,280. Before this latest buy, Cozza made one other purchase in the past year, buying $137,400 shares at a cost of $34.35 each. Franchise Group is trading up about 1.4% on the day Friday. Bargain hunters are able to pick up FRG even cheaper than Cozza did, with the stock trading as low as $36.41 at last check today which is 2.4% below Cozza's purchase price.
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