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.
On Friday, Chardan NexTech Acquisition 2 Corp (NASDAQ:CNTQ)'s Director, Kerry Propper, made a $5.02M buy of CNTQ, purchasing 485,000 shares at a cost of $10.36 a piece. Propper was up about 8.3% on the purchase at the high point of today's trading session, with CNTQ trading as high as $11.22 in trading on Wednesday. Chardan NexTech Acquisition 2 Corp is trading up about 4.4% on the day Wednesday. This buy marks the first one filed by Propper in the past year.
And on Monday, President Patrick W. Galley bought $95,163 worth of Rivernorth Flexible Municipal Income Fund II (NYSE:RFMZ), buying 7,000 shares at a cost of $13.59 a piece. Before this latest buy, Galley bought RFMZ on 3 other occasions during the past twelve months, for a total investment of $200,145 at an average of $14.30 per share. Rivernorth Flexible Municipal Income Fund II is trading down about 0.7% on the day Wednesday.
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