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.
At Scientific Games, a filing with the SEC revealed that on Thursday, Hamish McLennan bought 18,000 shares of SGMS, for a cost of $58.63 each, for a total investment of $1.06M. Scientific Games is trading down about 1.5% on the day Monday. Before this latest buy, McLennan made one other purchase in the past twelve months, buying $728,712 shares for a cost of $55.00 a piece.
And also on Thursday, Director Jessica Hopfield bought $502,400 worth of Berkeley Lights, buying 80,000 shares at a cost of $6.28 each. Berkeley Lights is trading up about 9.9% on the day Monday. Bargain hunters are able to bag BLI even cheaper than Hopfield did, with the stock trading as low as $5.41 in trading on Monday -- that's 13.9% under Hopfield'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.
