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 cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
At Rocket Companies, a filing with the SEC revealed that on Wednesday, Chief Executive Officer Jay Farner purchased 58,300 shares of RKT, at a cost of $6.85 each, for a total investment of $399,223. Farner was up about 5.0% on the purchase at the high point of today's trading session, with RKT trading as high as $7.19 in trading on Thursday. Rocket Companies is trading up about 1.9% on the day Thursday. Before this latest buy, Farner bought RKT at 24 other times during the past year, for a total cost of $10.85M at an average of $8.75 per share.
And on Tuesday, Stuart M. Grant bought $165,000 worth of Eyenovia, buying 100,000 shares at a cost of $1.65 each. Before this latest buy, Grant purchased EYEN at 10 other times during the past year, for a total cost of $2.15M at an average of $3.32 per share. Eyenovia is trading up about 4.1% on the day Thursday. So far Grant is in the green, up about 14.5% on their buy based on today's trading high of $1.89.
For MarketNewsVideo.com, I'm Sayoko Murase.