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.
At Glu Mobile (GLUU), a filing with the SEC revealed that on Friday, Director Lorne Abony purchased 274,050 shares of GLUU, at a cost of $3.67 each, for a total investment of $1.01M. Abony was up about 8.2% on the purchase at the high point of today's trading session, with GLUU trading as high as $3.97 in trading on Monday. Glu Mobile is trading up about 5.8% on the day Monday.
And at Solar Senior Capital (SUNS), there was insider buying on Friday, by See Remarks Michael S. Gross who bought 29,250 shares for a cost of $15.26 each, for a total investment of $446,258. Before this latest buy, Gross made one other buy in the past year, purchasing $384,044 shares for a cost of $18.24 a piece. Solar Senior Capital is trading up about 0.1% on the day Monday. Bargain hunters can buy SUNS even cheaper than Gross did, with the stock changing hands as low as $15.04 in trading on Monday -- that's 1.4% below Gross's purchase price.
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