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 Siebert Financial, a filing with the SEC revealed that on Thursday, Gloria E. Gebbia bought 2,181,621 shares of SIEB, at a cost of $5.60 each, for a total investment of $12.22M. Gebbia was up about 15.7% on the buy at the high point of today's trading session, with SIEB trading as high as $6.48 at last check today. Siebert Financial is trading up about 2.7% on the day Tuesday. This purchase marks the first one filed by Gebbia in the past year.
And on Friday, Director Stephen J. Luczo bought $734,871 worth of Morgan Stanley, buying 19,000 shares at a cost of $38.68 a piece. Before this latest buy, Luczo made one other purchase in the past year, buying $2.65M shares for a cost of $53.00 each. Morgan Stanley is trading off about 1.3% on the day Tuesday. Investors can bag MS at a price even lower than Luczo did, with the stock trading as low as $37.18 at last check today which is 3.9% below Luczo's purchase price.
For MarketNewsVideo.com, I'm Sayoko Murase.