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.
At GLOO, a filing with the SEC revealed that on Thursday, Patrick P. Gelsinger bought 125,000 shares of GLOO, for a cost of $8.00 each, for a total investment of $1M. So far Gelsinger is in the green, up about 17.6% on their buy based on today's trading high of $9.41. GLOO is trading up about 2.2% on the day Friday. This purchase marks the first one filed by Gelsinger in the past year.
And on Wednesday, CEO & Chairman Phillip Frost, M.D et. al. purchased $759,115 worth of OPKO Health, purchasing 580,000 shares at a cost of $1.31 each. Before this latest buy, Frost bought OPK on 17 other occasions during the past twelve months, for a total cost of $6.27M at an average of $1.45 per share. OPKO Health Inc is trading up about 2.3% on the day Friday.
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