Medallion Financial: Insider Buys
If you’ve been wondering why beaten up Medallion Financial’s (MFIN) stock price is on the rise, we have a possible explanation:
Since March 16th, there have been 3 insider purchases formally announced by two key MFIN individuals (the CEO and a Board member).
The actual purchases occurred March 10 and March 16th at prices ranging from $1.9600 to $2.143.
There are investors who take great comfort from such insider buys at times of high stress.
However, that should be weighed against the fact that the amounts purchased aggregate “only” about $60,000.
President Andrew Murstein owns-directly and indirectly- 1.7mn shares.
He’s just bought 5,000 more.
As we write this, the stock price is $2.31