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 Thursday, Borr Drilling's Director, Tor Olav Troim, made a $2.79M buy of BORR, purchasing 500,000 shares at a cost of $5.58 each. Investors are able to snag BORR at a price even lower than Troim did, with shares changing hands as low as $5.27 in trading on Friday which is 5.6% below Troim's purchase price. Borr Drilling is trading up about 1.3% on the day Friday. Before this latest buy, Troim made one other buy in the past year, purchasing $2.6M shares at a cost of $5.20 each.
And also on Thursday, See Remarks Patrick P. Gelsinger purchased $264,635 worth of Gloo Holdings, purchasing 36,653 shares at a cost of $7.22 a piece. Before this latest buy, Gelsinger made one other buy in the past year, purchasing $1M shares at a cost of $8.00 each. Gloo Holdings is trading up about 7.4% on the day Friday. So far Gelsinger is in the green, up about 10.8% on their purchase based on today's trading high of $8.00.
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