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.
On Tuesday, Southwest Airlines (NYSE:LUV)'s Director, Rakesh Gangwal, made a $19.30M buy of LUV, purchasing 643,788 shares at a cost of $29.98 each. So far Gangwal is in the green, up about 3.2% on their purchase based on today's trading high of $30.95. Southwest Airlines is trading up about 2.5% on the day Thursday. Before this latest buy, Gangwal made one other purchase in the past twelve months, buying $15.87M shares for a cost of $29.89 each.
And on Monday, Director Matthew J. Hayek purchased $50,000 worth of MidWestOne Financial Group (NASDAQ:MOFG), purchasing 2,000 shares at a cost of $25.00 a piece. This purchase marks the first one filed by Hayek in the past year. MidWestOne Financial Group is trading down about 1.2% on the day Thursday. Hayek was up about 9.0% on the purchase at the high point of today's trading session, with MOFG trading as high as $27.25 in trading on Thursday.
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