Friday 9/13 Insider Buying Report: WMS, FTK Friday, September 13, 10:31 AM ET
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.
On Tuesday, Advanced Drainage Systems (WMS)'s Director, Ross M. Jones, made a $59.5M purchase of WMS, buying 2,000,000 shares at a cost of $29.75 each. So far Jones is in the green, up about 9.0% on their buy based on today's trading high of $32.44. Advanced Drainage Systems is trading up about 1.4% on the day Friday. This buy marks the first one filed by Jones in the past year.
And at Flotek Industries (FTK), there was insider buying on Thursday, by Director David Nierenberg who bought 268,200 shares for a cost of $2.40 each, for a trade totaling $642,330. Before this latest buy, Nierenberg made one other buy in the past twelve months, purchasing $316,228 shares for a cost of $3.12 each. Flotek Industries is trading up about 1.4% on the day Friday. So far Nierenberg is in the green, up about 8.9% on their buy based on today's trading high of $2.61.
For MarketNewsVideo.com, I'm Sayoko Murase.
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