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 two noteworthy recent insider buys.
On Thursday, Spok Holdings' Director, Todd J. Stein, made a $1.29M buy of SPOK, purchasing 176,602 shares at a cost of $7.31 a piece. Bargain hunters can bag SPOK even cheaper than Stein did, with shares trading as low as $7.17 in trading on Tuesday which is 1.9% under Stein's purchase price. Spok Holdings is trading up about 0.1% on the day Tuesday. Before this latest buy, Stein purchased SPOK at 8 other times during the past twelve months, for a total cost of $2.06M at an average of $7.15 per share.
And also on Thursday, Director Thomas Scully purchased $509,800 worth of InnovAge Holding, purchasing 100,000 shares at a cost of $5.10 each. InnovAge Holding is trading off about 4% on the day Tuesday. Scully was up about 29.8% on the buy at the high point of today's trading session, with INNV trading as high as $6.62 in trading on Tuesday.
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