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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Monday, Construction Partners' CEO, Fred Julius Smith III, made a $689,055 purchase of ROAD, buying 9,333 shares at a cost of $73.83 each. So far Smith III is in the green, up about 8.1% on their buy based on today's trading high of $79.78. Construction Partners is trading down about 2.5% on the day Wednesday.
And also on Monday, Aleksandar Milovanovic bought $292,515 worth of Golden Matrix Group, buying 150,880 shares at a cost of $1.94 each. Before this latest buy, Milovanovic bought GMGI on 16 other occasions during the past year, for a total cost of $2.29M at an average of $1.99 per share. Golden Matrix Group is trading up about 8.7% on the day Wednesday. So far Milovanovic is in the green, up about 7.3% on their buy based on today's trading high of $2.08.
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