Credit: Shutterstock photoBargain 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 one noteworthy recent insider buy.
On Friday, CEO and President Michael Nierenberg purchased $990,000 worth of New Residential Investment, purchasing 60,000 shares at a cost of $16.50 a piece. This purchase marks the first one filed by Nierenberg in the past twelve months. New Residential Investment is trading up about 0.5% on the day Monday. So far Nierenberg is in the green, up about 1.2% on their purchase based on today's trading high of $16.70.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
