There was a bit of excitement on the SZYM board about an insider purchase. I wrote a response, which I am reposting here:
Yes, Jerry Fiddler, a Board Member bought 80,000 shares, for $216,000 – thus increasing his stake by all of …(drum rolls here), all of 3% to 2,492,000.
He’s the ONLY insider to buy a single share since the big crash in the stock price. No one else has been tempted to buy a single share.
Before that, the last trades were in September when the CEO, General Counsel, CFO, and the Chief Technology Officer, together SOLD a total of 245,000 shares for $2,073,024 at an average price of about $8.50. Sure puts that little $216,000 purchase in perspective, doesn’t it? And this is when they were reassuring us that everything was going just fine with the company. Gives you lots of faith in the honesty of management. Yep. I’ll run out and buy some more shares to push the price up so they can sell some more.
Oh, and by the way, they had sold about $448,000 more the month before, in August, at about $9.25
Oh, and about $1,880,000 more in July, at $9.90!!!
Gee, I’m so excited about that $216,000 purchase! It gives me such confidence in management. I can’t wait to run out and buy some too!
PS - If you add it up, that $216 thousand purchase comes to just over ONE TWENTIETH of the $4.4 million that they sold.