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 Wednesday, Sunnova Energy International's Director, Akbar Mohamed, made a $1.05M buy of NOVA, purchasing 152,450 shares at a cost of $6.92 each. So far Mohamed is in the green, up about 4.8% on their purchase based on today's trading high of $7.25. Sunnova Energy International is trading down about 2.5% on the day Monday. Before this latest buy, Mohamed made one other purchase in the past twelve months, buying $143,700 shares for a cost of $14.37 each.
And on Thursday, EXECUTIVE CHAIRMAN OF BOARD Richard Agree bought $888,000 worth of Agree Realty, buying 16,000 shares at a cost of $55.50 each. Before this latest buy, Agree bought ADC at 3 other times during the past twelve months, for a total cost of $2.56M at an average of $63.19 per share. Agree Realty is trading up about 0.4% on the day Monday. So far Agree is in the green, up about 2.6% on their buy based on today's trading high of $56.92.
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