Notable Insider Buys In The Past Week: Biglari, Coty, Danaher, Foot Locker, And More

Notable Insider Buys in the Past Week: Biglari, Coty, Danaher, Foot Locker And More

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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, as there was before and after the elections and as the pandemic worsens.

Though buy windows remain closed for some insiders during what is left of the earnings-reporting season, plenty of others continued to purchase shares despite some market volatility and economic uncertainty. Here are some of the most noteworthy insider purchases that were reported in the past week.

A Foot Locker, Inc. (FL) beneficial owner purchased more than 509,500 shares of this footwear retailer at $38.46 to $38.69 apiece early last week. That totaled almost $19.70 million, and it raised that owner's stake to more than 11.23 million shares. The total float is reported to be over 96 million shares. Pandemic-related store closures led to an analyst downgrade last week, as well.

Stoke Therapeutics Inc. (STOK), which had a secondary offering of shares, saw one director indirectly pick up 375,000 shares. At a price of $39.00 per share, that added up to more than $14.62 million. Note that the 17.16 million-share stake also makes that director a beneficial owner. Also note that this biopharmaceutical company's chief executive officer sold more than 12.84 million shares last week.

Four Coty Inc. (COTY) directors recently bought more than 1.09 shares of this New York-based beauty products maker. At $5.80 to $7.36 per share, the total for these transactions came to over $6.86 million. Note that the share price is more than 100% higher since Coty reported a surprise fiscal first-quarter profit earlier this month. The stock closed most recently at $6.89 per share, within the above purchase price range.

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Disclosure: At the time of this writing, the author had no position in the mentioned equities.

© 2020 Benzinga does not provide investment advice. All rights reserved.

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