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 Wednesday, Stellar Bancorp's Director, Joe Penland Sr., made a $1.72M buy of STEL, purchasing 79,512 shares at a cost of $21.68 a piece. So far Penland Sr. is in the green, up about 5.3% on their buy based on today's trading high of $22.82. Stellar Bancorp is trading up about 2.6% on the day Friday.
And on Tuesday, Director Mark Malcolm bought $1.01M worth of General Dynamics, buying 4,700 shares at a cost of $214.47 each. This purchase marks the first one filed by Malcolm in the past year. General Dynamics is trading up about 0.7% on the day Friday. Bargain hunters are able to pick up GD even cheaper than Malcolm did, with the stock trading as low as $209.01 at last check today which is 2.5% below Malcolm's purchase price.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
