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 Coinbase Global, a filing with the SEC revealed that on Tuesday, Director Tobias Lutke purchased 5,941 shares of COIN, at a cost of $65.29 each, for a total investment of $387,888. Bargain hunters have the opportunity to grab COIN at a price even lower than Lutke did, with shares trading as low as $61.07 in trading on Friday -- that's 6.5% below Lutke's purchase price. Coinbase Global is trading up about 2% on the day Friday. Before this latest buy, Lutke bought COIN on 7 other occasions during the past twelve months, for a total investment of $2.56M at an average of $74.53 per share.
And on Wednesday, Director Michael D. Loberg purchased $139,539 worth of IGM Biosciences, purchasing 6,679 shares at a cost of $20.89 each. Before this latest buy, Loberg made one other purchase in the past year, buying $499,997 shares at a cost of $23.00 each. IGM Biosciences Inc is trading up about 18.1% on the day Friday.
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