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 Planet Fitness, a filing with the SEC revealed that on Wednesday, Chief Executive Officer Christopher Rondeau purchased 25,000 shares of PLNT, for a cost of $67.24 each, for a total investment of $1.68M. Investors have the opportunity to snag PLNT at a price even lower than Rondeau did, with shares trading as low as $60.12 at last check today which is 10.6% below Rondeau's purchase price. Planet Fitness is trading up about 2.2% on the day Friday. This buy marks the first one filed by Rondeau in the past twelve months.
And on Tuesday, Director James R. Crane purchased $979,836 worth of Western Midstream Partners, purchasing 71,500 shares at a cost of $13.70 each. Before this latest buy, Crane made one other buy in the past year, purchasing $3.47M shares for a cost of $21.55 a piece. Western Midstream Partners is trading off about 8.4% on the day Friday. Investors can grab WES even cheaper than Crane did, with shares changing hands as low as $11.33 at last check today which is 17.3% under Crane's purchase price.
For MarketNewsVideo.com, I'm Sayoko Murase.