As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
On Tuesday, PROG Holdings' CEO, Steven A. Michaels, made a $283,590 purchase of PRG, buying 15,000 shares at a cost of $18.91 each. Michaels was up about 8.0% on the purchase at the high point of today's trading session, with PRG trading as high as $20.41 at last check today. PROG Holdings is trading up about 3% on the day Thursday. This purchase marks the first one filed by Michaels in the past twelve months.
And on Wednesday, Chief Executive Officer Howard Widra purchased $260,130 worth of Apollo Investment, purchasing 20,000 shares at a cost of $13.01 each. This purchase marks the first one filed by Widra in the past year. Apollo Investment is trading up about 0.8% on the day Thursday.
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