ETF Channel Staff - Monday, April 15, 10:01 AMThere's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on April 8, Semtech Corp.'s CFO, Mark Lin, invested $33,232.40 into 1,000 shares of SMTC, for a cost per share of $33.23. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Monday, bargain hunters could buy shares of Semtech Corp. (SMTC) and achieve a cost basis 2.4% cheaper than Lin, with shares changing hands as low as $32.45 per share. Semtech Corp. shares are currently trading off about 6.7% on the day. The chart below shows the one year performance of SMTC shares, versus its 200 day moving average:
Looking at the chart above, SMTC's low point in its 52 week range is $13.13 per share, with $35.80 as the 52 week high point — that compares with a last trade of $32.69. By comparison, below is a table showing the prices at which SMTC insider buying was recorded over the last six months:
Purchased | Insider | Title | Shares | Price/Share | Value |
---|---|---|---|---|---|
04/08/2024 | Mark Lin | EVP and CFO | 1,000 | $33.23 | $33,232.40 |
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Strong Buy (3.75 out of 4) 69th percentile
(ranked higher than approx. 69% of all stocks covered)
Analysts Forecast: SMTC Price Target Based on data provided by Zacks Investment Research via Quandl.com |
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