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 cash to make a purchase, is that they expect to make money. Today we look at one noteworthy recent insider buy.
On Monday, Flotek Industries' Director, David Nierenberg, made a $1.38M buy of FTK, purchasing 690,147 shares at a cost of $2.00 a piece. So far Nierenberg is in the green, up about 17.7% on their buy based on today's trading high of $2.35. Flotek Industries is trading up about 1.8% on the day Thursday. Before this latest buy, Nierenberg bought FTK on 2 other occasions during the past twelve months, for a total cost of $926,748 at an average of $2.43 per share.