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.
On Thursday, Uniti Group's CEO, Kenny Gunderman, made a $983,250 buy of UNIT, purchasing 225,000 shares at a cost of $4.37 a piece. Uniti Group is trading up about 0.9% on the day Friday.
And at Summit Therapeutics, there was insider buying on Tuesday, by Chief Financial Officer Ankur Dhingra who purchased 196,362 shares at a cost of $1.05 each, for a total investment of $206,180. Before this latest buy, Dhingra made one other buy in the past year, purchasing $35,129 shares for a cost of $0.97 each. Summit Therapeutics is trading off about 3.2% on the day Friday. Dhingra was up about 35.7% on the buy at the high point of today's trading session, with SMMT trading as high as $1.43 in trading on Friday.
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