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 Mueller Industries, a filing with the SEC revealed that on Thursday, Director Gary S. Gladstein purchased 11,399 shares of MLI, at a cost of $47.71 each, for a total investment of $543,846. Gladstein was up about 6.6% on the buy at the high point of today's trading session, with MLI trading as high as $50.88 in trading on Monday. Mueller Industries is trading up about 2.7% on the day Monday.
And on Wednesday, President Michael L. Hollis bought $454,540 worth of HighPeak Energy, buying 45,454 shares at a cost of $10.00 each. This purchase marks the first one filed by Hollis in the past year. HighPeak Energy is trading up about 14.8% on the day Monday. So far Hollis is in the green, up about 28.0% on their buy based on today's trading high of $12.80.
For MarketNewsVideo.com, I'm Sayoko Murase.