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 Monday, Sphere Entertainment's Executive Chairman / CEO, James Lawrence Dolan, made a $2.44M purchase of SPHR, buying 59,374 shares at a cost of $41.11 each. Dolan was up about 4.3% on the purchase at the high point of today's trading session, with SPHR trading as high as $42.89 at last check today. Sphere Entertainment is trading up about 4.9% on the day Thursday.
And at South Plains Financial, there was insider buying on Tuesday, by Director Noe G. Valles who purchased 50,000 shares for a cost of $25.00 each, for a total investment of $1.25M. Before this latest buy, Valles bought SPFI at 2 other times during the past twelve months, for a total cost of $1.43M at an average of $26.95 per share. South Plains Financial is trading up about 4% on the day Thursday. Valles was up about 8.2% on the purchase at the high point of today's trading session, with SPFI trading as high as $27.06 in trading on Thursday.
VIDEO: Thursday 2/29 Insider Buying Report: SPHR, SPFI
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