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 Ivanhoe Electric, a filing with the SEC revealed that on Tuesday, Executive Chairman Robert M. Friedland bought 422,767 shares of IE, for a cost of $9.85 each, for a total investment of $4.16M. So far Friedland is in the green, up about 16.3% on their purchase based on today's trading high of $11.46. Ivanhoe Electric is trading up about 11.3% on the day Friday. Before this latest buy, Friedland bought IE at 2 other times during the past year, for a total cost of $4.88M at an average of $8.18 per share.
And at OmniAb, there was insider buying on Wednesday, by CEO Matthew W. Foehr who purchased 300,000 shares at a cost of $3.39 each, for a total investment of $1.02M. Before this latest buy, Foehr made one other buy in the past year, purchasing $276,160 shares at a cost of $2.76 each. OmniAb is trading up about 4.3% on the day Friday.
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