Friday 8/9 Insider Buying Report: SQ, BECN
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 Tuesday, Block (SQ)'s Director, Roelof Botha, made a $25.00M purchase of SQ, buying 434,405 shares at a cost of $57.55 each. Botha was up about 8.1% on the buy at the high point of today's trading session, with SQ trading as high as $62.19 in trading on Friday. Block is trading off about 0.5% on the day Friday. Before this latest buy, Botha made one other buy in the past year, purchasing $27.52M shares for a cost of $50.89 each.
And on Wednesday, CFO Prithvi Gandhi bought $411,450 worth of Beacon Roofing Supply (BECN), buying 5,000 shares at a cost of $82.29 a piece. Beacon Roofing Supply is trading up about 1.3% on the day Friday. So far Gandhi is in the green, up about 4.0% on their buy based on today's trading high of $85.57.
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