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 Texas Pacific Land, a filing with the SEC revealed that on Thursday, Director Murray Stahl purchased 25 shares of TPL, at a cost of $1508.68 each, for a total investment of $37,717. Bargain hunters can pick up TPL at a price even lower than Stahl did, with the stock trading as low as $1445.21 at last check today -- that's 4.2% under Stahl's purchase price. Texas Pacific Land Corp is trading down about 3.4% on the day Tuesday. Before this latest buy, Stahl purchased TPL on 122 other occasions during the past twelve months, for a total investment of $5.5M at an average of $1325.40 per share.
And at TRACON Pharmaceuticals, there was insider buying on Monday, by Director Saundra L. Pelletier who purchased 6,545 shares at a cost of $3.82 each, for a trade totaling $25,002. TRACON Pharmaceuticals is trading off about 2.1% on the day Tuesday.
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