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, ARS Pharmaceuticals' Director, Peter A. Thompson, made a $3.1M buy of SPRY, purchasing 500,000 shares at a cost of $6.20 a piece. So far Thompson is in the green, up about 29.0% on their buy based on today's trading high of $8.00. ARS Pharmaceuticals is trading up about 9.6% on the day Friday. This purchase marks the first one filed by Thompson in the past twelve months.
And at Workday, there was insider buying on Tuesday, by Co-CEO Carl M. Eschenbach who purchased 8,676 shares for a cost of $240.44 each, for a total investment of $2.09M. Workday is trading up about 1% on the day Friday. So far Eschenbach is in the green, up about 2.7% on their buy based on today's trading high of $247.04.
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