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 PEDEVCO, a filing with the SEC revealed that on Thursday, Chief Executive Officer Simon G. Kukes purchased 200,000 shares of PED, at a cost of $1.27 each, for a total investment of $254,760. So far Kukes is in the green, up about 14.6% on their buy based on today's trading high of $1.46. PEDEVCO is trading up about 10.2% on the day Tuesday. Before this latest buy, Kukes purchased PED at 6 other times during the past year, for a total cost of $1.00M at an average of $1.21 per share.
And at AutoZone,there was insider buying on Thursday, by Director Brian Hannasch who bought 133 shares at a cost of $1901.95 each, for a trade totaling $252,959. Before this latest buy, Hannasch made one other purchase in the past year, buying $499,955 shares at a cost of $1879.53 each. AutoZone is trading up about 0.6% on the day Tuesday. So far Hannasch is in the green, up about 9.5% on their purchase based on today's trading high of $2082.07.
For MarketNewsVideo.com, I'm Sayoko Murase.