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| Top Buys by Directors: Sloane's $170.5K Bet on NEWTBy Dividend Channel Staff, Thursday, March 7, 1:06 PM ET
The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $170.5K invested across 5 purchases by Barry Sloane, CEO at NewtekOne Inc (NASDAQ:NEWT). Sloane bets big on NEWT:
Sloane's average cost works out to $13.94/share. In trading on Thursday, bargain hunters could buy shares of NewtekOne Inc (NASDAQ:NEWT) and achieve a cost basis lower than Sloane, with shares changing hands as low as $11.35 per share. Shares of NewtekOne Inc were changing hands at $11.53 at last check, trading off about 1% on Thursday. The chart below shows the one year performance of NEWT shares, versus its 200 day moving average:
Looking at the chart above, NEWT's low point in its 52 week range is $10.75 per share, with $19.365 as the 52 week high point — that compares with a last trade of $11.53. Special Offer: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter
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