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.
At Macerich, there was insider buying on Monday, by CEO Jackson Hsieh who bought 140,000 shares at a cost of $14.26 each, for a total investment of $2M. Macerich is trading up about 2.5% on the day Tuesday. Hsieh was up about 6.0% on the purchase at the high point of today's trading session, with MAC trading as high as $15.12 in trading on Tuesday.
VIDEO: Tuesday 5/7 Insider Buying Report: MAC
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