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.
At Oak Valley Bancorp, a filing with the SEC revealed that on Wednesday, Director H. Randolph Holder Jr. bought 10,000 shares of OVLY, for a cost of $15.47 each, for a total investment of $154,700. So far Holder Jr. is in the green, up about 1.4% on their purchase based on today's trading high of $15.68. Oak Valley Bancorp is trading up about 1.6% on the day Thursday. Before this latest buy, Holder Jr. bought OVLY on 9 other occasions during the past year, for a total cost of $245,211 at an average of $14.86 per share.
And also on Wednesday, CEO Charles Theuer purchased $98,771 worth of TRACON Pharmaceuticals, purchasing 11,000 shares at a cost of $8.98 a piece. Before this latest buy, Theuer purchased TCON on 10 other occasions during the past year, for a total investment of $268,817 at an average of $1.95 per share. TRACON Pharmaceuticals is trading up about 9.1% on the day Thursday. Theuer was up about 13.8% on the buy at the high point of today's trading session, with TCON trading as high as $10.22 in trading on Thursday.
For MarketNewsVideo.com, I'm Sayoko Murase.