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 Friday, Chesapeake Energy ( CHK )'s Director, Archie W. Dunham, made a $13.98M purchase of CHK, buying 1,000,000 shares at a cost of $13.98 each. So far Dunham is in the green, up about 4.2% on their buy based on today's trading high of $14.57. Chesapeake Energy Corp. is trading up about 2.2% on the day Wednesday. Before this latest buy, Dunham made one other purchase in the past twelve months, buying $11.66M shares at a cost of $23.32 a piece.
And on Monday, Director Theodore B. Smith III purchased $275,250 worth of GTT Communications ( GTT ), purchasing 15,000 shares at a cost of $18.35 a piece. This purchase marks the first one filed by Smith III in the past twelve months. GTT Communications is trading up about 0.5% on the day Wednesday. Smith III was up about 4.4% on the buy at the high point of today's trading session, with GTT trading as high as $19.16 in trading on Wednesday.
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