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 Reddit, a filing with the SEC revealed that on Wednesday, Director Sarah E. Farrell bought 50,500 shares of RDDT, for a cost of $148.16 each, for a total investment of $7.48M. Bargain hunters can buy RDDT at a price even lower than Farrell did, with the stock changing hands as low as $136.15 in trading on Friday which is 8.1% under Farrell's purchase price. Reddit is trading up about 5.4% on the day Friday. This buy marks the first one filed by Farrell in the past twelve months.
And also on Wednesday, Chief Operating Officer Grier Eliasek purchased $2.75M worth of Prospect Capital, purchasing 942,800 shares at a cost of $2.92 a piece. Before this latest buy, Eliasek made one other purchase in the past year, buying $1.00M shares for a cost of $2.71 a piece. Prospect Capital is trading up about 4.3% on the day Friday. So far Eliasek is in the green, up about 3.5% on their buy based on today's trading high of $3.02.
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