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.
On Monday, Chewy's Director, James A. Star, made a $5.00M buy of CHWY, purchasing 180,636 shares at a cost of $27.71 each. So far Star is in the green, up about 12.6% on their purchase based on today's trading high of $31.19. Chewy is trading up about 6.7% on the day Thursday. Before this latest buy, Star made one other buy in the past twelve months, purchasing $1.79M shares for a cost of $55.58 a piece.
And on Wednesday, Chief Executive Officer Jay Farner bought $599,240 worth of Rocket Companies, buying 69,900 shares at a cost of $8.57 each. Before this latest buy, Farner purchased RKT on 20 other occasions during the past twelve months, for a total investment of $8.84M at an average of $9.07 per share. Rocket Companies is trading down about 1.6% on the day Thursday.
For MarketNewsVideo.com, I'm Sayoko Murase.