Insider buying can be an encouraging signal for potential investors, especially when markets are near all-time highs.
A SPAC, a couple of retailers and a railroad operator saw notable insider buying this past week.
One chief executive officer added to two different stakes last week.
Conventional wisdom says that insiders and 10% owners really only buy shares of a company for one reason — they believe the stock price will rise and they want to profit from it. So insider buying can be an encouraging signal for potential investors, particularly when there is uncertainty in the markets or the markets are near all-time highs.
Note that with the earnings reporting season officially over, insiders overall are no longer prohibited from buying or selling shares. Here are some of the most noteworthy insider purchases that were reported in the past week.
The sponsor and 10% owner of special purpose acquisition company ARYA Sciences Acquisition III Corp (NASDAQ:ARYA) indirectly bought more than 330,000 of its shares last week. At prices ranging from $10.01 to $10.15 per share, that cost the owner more than $3.31 million. This latest transaction raised the owner’s stake to almost 490,000 shares.
The purchase of almost 47,000 more PennyMac Financial