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.
On Tuesday, JetBlue Airways' Director, Nik Mittal, made a $614,340 buy of JBLU, purchasing 100,000 shares at a cost of $6.14 each. Mittal was up about 6.5% on the buy at the high point of today's trading session, with JBLU trading as high as $6.54 at last check today. JetBlue Airways is trading up about 5.6% on the day Thursday. This purchase marks the first one filed by Mittal in the past twelve months.
And also on Tuesday, Aleksandar Milovanovic purchased $108,967 worth of Golden Matrix Group, purchasing 55,313 shares at a cost of $1.97 a piece. Before this latest buy, Milovanovic purchased GMGI on 4 other occasions during the past twelve months, for a total cost of $332,980 at an average of $2.57 per share. Golden Matrix Group is trading up about 2.2% on the day Thursday. Bargain hunters have the opportunity to bag GMGI at a price even lower than Milovanovic did, with shares trading as low as $1.86 at last check today -- that's 5.3% below Milovanovic's purchase price.
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