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, MSCI's CEO, Henry A. Fernandez, made a $3.56M purchase of MSCI, buying 6,800 shares at a cost of $523.56 a piece. Fernandez was up about 3.8% on the purchase at the high point of today's trading session, with MSCI trading as high as $543.49 at last check today. MSCI is trading up about 4.1% on the day Wednesday. Before this latest buy, Fernandez purchased MSCI on 3 other occasions during the past twelve months, for a total cost of $16.48M at an average of $545.64 per share.
And at DraftKings, there was insider buying on Tuesday, by Director Harry Sloan who bought 100,000 shares at a cost of $21.85 each, for a total investment of $2.19M. Before this latest buy, Sloan made one other buy in the past year, purchasing $757,500 shares at a cost of $30.30 a piece. DraftKings is trading up about 5.1% on the day Wednesday. Sloan was up about 8.9% on the purchase at the high point of today's trading session, with DKNG trading as high as $23.80 in trading on Wednesday.
VIDEO: Wednesday 2/18 Insider Buying Report: MSCI, DKNG
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