As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Flora Growth Corp (NASDAQ:FLGC), a filing with the SEC revealed that on Monday, CEO Clifford Starke purchased 526,315 shares of FLGC, for a cost of $1.90 each, for a total investment of $999,998. Starke was up about 17.9% on the purchase at the high point of today's trading session, with FLGC trading as high as $2.24 in trading on Wednesday. Flora Growth Corp is trading trading flat on the day Wednesday. This buy marks the first one filed by Starke in the past year.
And at GameStop Corp (NYSE:GME), there was insider buying on Monday, by Director Lawrence Cheng who bought 10,000 shares at a cost of $11.22 each, for a total investment of $112,238. Before this latest buy, Cheng bought GME on 2 other occasions during the past year, for a total investment of $217,826 at an average of $19.80 per share. GameStop Corp is trading off about 0.3% on the day Wednesday. Bargain hunters can buy GME even cheaper than Cheng did, with shares trading as low as $10.79 at last check today which is 3.9% under Cheng's purchase price.
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