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.
On Monday, BTRS Holdings' Chief Information Officer, Joe Eng, made a $506,225 purchase of BTRS, buying 47,938 shares at a cost of $10.56 each. Eng was up about 4.1% on the purchase at the high point of today's trading session, with BTRS trading as high as $10.99 in trading on Wednesday. BTRS Holdings Inc is trading up about 8.7% on the day Wednesday. This buy marks the first one filed by Eng in the past year.
And on Tuesday, CEO Jay C. Horgen purchased $316,020 worth of Affiliated Managers Group, purchasing 2,000 shares at a cost of $158.01 a piece. Before this latest buy, Horgen made one other buy in the past twelve months, purchasing $544,920 shares for a cost of $136.23 a piece. Affiliated Managers Group is trading up about 0.8% on the day Wednesday.
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