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 Wayfair, a filing with the SEC revealed that on Thursday, Director Michael Andrew Kumin bought 48,000 shares of W, for a cost of $283.50 each, for a total investment of $13.61M. So far Kumin is in the green, up about 13.8% on their purchase based on today's trading high of $322.76. Wayfair is trading up about 7.9% on the day Monday.
And at Mack Cali Realty, there was insider buying on Friday, by Director A. Akiva Katz who purchased 442,000 shares at a cost of $14.51 each, for a total investment of $6.41M. This purchase marks the first one filed by Katz in the past twelve months. Mack Cali Realty is trading up about 4.7% on the day Monday. Katz was up about 6.1% on the buy at the high point of today's trading session, with CLI trading as high as $15.39 in trading on Monday.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
