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.
At Bakkt, a filing with the SEC revealed that on Monday, Director Michael Alfred bought 585,000 shares of BKKT, at a cost of $8.29 each, for a total investment of $4.85M. Alfred was up about 32.6% on the buy at the high point of today's trading session, with BKKT trading as high as $10.99 in trading on Tuesday. Bakkt is trading up about 16.2% on the day Tuesday.
And at HF Sinclair, there was insider buying on Monday, by CEO and President Franklin Myers who purchased 15,000 shares for a cost of $69.11 each, for a trade totaling $1.04M. HF Sinclair is trading off about 0.2% on the day Tuesday.
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