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 Monday, Iridium Communications' Chief Executive Officer, Matthew J. Desch, made a $1.04M purchase of IRDM, buying 28,000 shares at a cost of $37.01 each. So far Desch is in the green, up about 4.3% on their purchase based on today's trading high of $38.61. Iridium Communications Inc is trading up about 4.3% on the day Wednesday.
And on Friday, Director D. Mark Dewalch bought $761,952 worth of Black Stone Minerals, buying 44,000 shares at a cost of $17.32 a piece. Before this latest buy, Dewalch made one other buy in the past year, purchasing $542,843 shares at a cost of $15.85 a piece. Black Stone Minerals is trading up about 0.5% on the day Wednesday.
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