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, Scholastic's EVP & CHIEF STRATEGY OFFICER, Iole Lucchese, made a $50,430 buy of SCHL, purchasing 1,654 shares at a cost of $30.49 each. Lucchese was up about 5.6% on the buy at the high point of today's trading session, with SCHL trading as high as $32.20 in trading on Friday. Scholastic is trading up about 2.6% on the day Friday.
And on Monday, Director Jonathan Lee Kelly purchased $27,883 worth of Culp, purchasing 5,200 shares at a cost of $5.36 each. Before this latest buy, Kelly bought CULP on 4 other occasions during the past twelve months, for a total investment of $30,268 at an average of $5.46 per share. Culp is trading trading flat on the day Friday. Investors have the opportunity to grab CULP at a price even lower than Kelly did, with shares trading as low as $5.06 in trading on Friday which is 5.6% under Kelly's purchase price.
VIDEO: Friday 7/26 Insider Buying Report: SCHL, CULP
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
