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 Tuesday, Culp's President, Culp Home Fashions, Thomas Bruno, made a $41,310 buy of CULP, purchasing 9,000 shares at a cost of $4.59 a piece. Bruno was up about 7.8% on the purchase at the high point of today's trading session, with CULP trading as high as $4.95 at last check today. Culp is trading up about 5.1% on the day Wednesday.
And at Eyenovia, there was insider buying on Friday, by Stuart M. Grant who bought 21,753 shares for a cost of $1.50 each, for a trade totaling $32,630. Before this latest buy, Grant purchased EYEN on 5 other occasions during the past twelve months, for a total investment of $715,251 at an average of $2.22 per share. Eyenovia is trading up about 2.9% on the day Wednesday. So far Grant is in the green, up about 17.7% on their buy based on today's trading high of $1.77.
For MarketNewsVideo.com, I'm Sayoko Murase.