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 Rocket Companies, a filing with the SEC revealed that on Wednesday, Chief Executive Officer Jay Farner bought 8,900 shares of RKT, for a cost of $11.20 each, for a total investment of $99,645. Rocket Companies is trading off about 0.4% on the day Thursday. This buy marks the first one filed by Farner in the past year.
And also on Wednesday, Martin J. Wygod purchased $98,813 worth of Forian, purchasing 15,373 shares at a cost of $6.43 each. Before this latest buy, Wygod bought FORA on 13 other occasions during the past twelve months, for a total cost of $1.18M at an average of $9.20 per share. Forian is trading up about 2.4% on the day Thursday. So far Wygod is in the green, up about 11.9% on their purchase based on today's trading high of $7.19.
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