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 Iridium Communications, a filing with the SEC revealed that on Monday, Director Leon Anthony Frazier bought 2,600 shares of IRDM, at a cost of $37.26 each, for a total investment of $96,876. So far Frazier is in the green, up about 5.7% on their buy based on today's trading high of $39.39. Iridium Communications is trading up about 1.9% on the day Wednesday. This purchase marks the first one filed by Frazier in the past year.
And on Friday, Thibault Christian Stracke bought $86,058 worth of PIMCO Energy and Tactical Credit Opportunities Fund, buying 7,000 shares at a cost of $12.29 a piece. PIMCO Energy and Tactical Credit Opportunities Fund is trading up about 2.2% on the day Wednesday. Stracke was up about 7.1% on the purchase at the high point of today's trading session, with NRGX trading as high as $13.17 at last check today.
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