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 Mayville Engineering, a filing with the SEC revealed that on Thursday, CEO Jagadeesh A. Reddy bought 5,903 shares of MEC, at a cost of $16.72 each, for a total investment of $98,698. Mayville Engineering is trading up about 3.5% on the day Friday. Before this latest buy, Reddy purchased MEC at 2 other times during the past twelve months, for a total investment of $118,744 at an average of $15.91 per share.
And on Wednesday, CEO Robert Quartermain bought $95,000 worth of Dakota Gold, buying 40,000 shares at a cost of $2.38 each. Before this latest buy, Quartermain bought DC on 3 other occasions during the past year, for a total cost of $75,775 at an average of $2.04 per share. Dakota Gold is trading off about 2% on the day Friday. So far Quartermain is in the green, up about 5.3% on their buy based on today's trading high of $2.50.
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