Insiders are buying dips.
Look at Crocs (SYM: CROX), for example.
As the CROX stock was dropping, Director John Replogle bought 1,996 of the CROX stock for an average price of $123.95. In total, the transaction was worth $247,420. This also marked the first insider buy on CROX since March 14.
Better, the CROX stock is starting to pivot higher after beating earnings. Its second quarter EPS of $4.01 beat by 44 cents. Revenue of $1.12 billion, up 4.7% year over year, beat by $20 million.
Better, according to CEO Andrew Rees, “Based on the strength of our second quarter, we are lifting our operating margin and earnings per share outlook for the fiscal year while maintaining our revenue guidance. Our terrific cash flow generation provides us the flexibility to reinvest in our business, pay down debt and repurchase shares.”
MGM Resorts (SYM: MGM)
On August 6, CEO William Hornbuckle bought 58,900 shares for just under $2 million. Director Paul Salem bought 147,500 shares for just under $5 million. And CFO Jonathan Halkyard picked up 38,299 shares for about $340,000.
MGM is also technically oversold, but is starting to bounce from its recent low of $33.44. Last trading at $37.01, we’d like to see it refill its gap at around $43.
Anixa Biosciences (SYM: ANIX)
At ANIX, a Director bought 27,226 shares for $84,260.
Helping, the clinical-stage biotechnology company, which focuses on the treatment and prevention of cancer, just authorized a $5 million share buyback program.
The company also just “announced that its collaborator, Moffitt Cancer Center (Moffitt), has received approval by the U.S. Food and Drug Administration (FDA) of an individual patient Investigational New Drug Application (IND) to allow a second dose of its CAR-T therapy for a patient that may be demonstrating clinical activity to the initial treatment.”
