MGIC Investment Shares Popped: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What:MGIC Investment (NAS: MTG) popped 16% in intraday trading today after news of an insider buy.
So what: Jon Michael Lauer, the company's CFO, purchased 20,000 shares on August 26th at an average price of $2.34 a share. His total investment: $46,800.
Now what: At the stock's intraday price of $2.85, he's already turned a profit of 22%. Last week the company reported its fourth consecutive quarterly loss. Though the CEO said he thought the worst was over, my Foolish colleague Shubh Datta concluded this stock is a "wait-and-watch game" after taking a look at the earnings report.
Interested in more info on MGIC Investment? Add it to your watchlist byclicking here.
At the time this article was published Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. The Motley Fool has adisclosure policy.
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