Thursday 10/30 Insider Buying Report: IRDM, EBC
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, Iridium Communications' Director, Robert H. Niehaus, made a $524,700 buy of IRDM, purchasing 30,000 shares at a cost of $17.49 a piece. Bargain hunters can pick up IRDM at a price even lower than Niehaus did, with the stock changing hands as low as $16.75 at last check today which is 4.2% under Niehaus's purchase price. Iridium Communications is trading up about 2.6% on the day Thursday.
And at Eastern Bankshares, there was insider buying on Wednesday, by Chief Financial Officer R. David Rosato who purchased 20,000 shares at a cost of $16.98 each, for a trade totaling $339,600. Before this latest buy, Rosato made one other buy in the past twelve months, purchasing $154,000 shares for a cost of $15.40 a piece. Eastern Bankshares is trading up about 2.7% on the day Thursday.
VIDEO: Thursday 10/30 Insider Buying Report: IRDM, EBC