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 Granite Ridge Resources, a filing with the SEC revealed that on Friday, Director Matthew Reade Miller purchased 41,000 shares of GRNT, for a cost of $6.10 each, for a total investment of $250,100. Granite Ridge Resources is trading down about 1.8% on the day Friday. Before this latest buy, Miller bought GRNT at 8 other times during the past twelve months, for a total cost of $475,881 at an average of $6.37 per share.
And on Thursday, John B. Juneau bought $61,100 worth of Contango Ore, buying 5,000 shares at a cost of $12.22 a piece. Contango Ore is trading down about 1.5% on the day Friday.
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