Insiders Are Buying Live Oak Bancshares Stock
Live Oak Bancshares (NASDAQ: LOB) is a roughly $8.2 billion asset bank that has benefited immensely from the Paycheck Protection Program (PPP). Since the coronavirus pandemic began, insiders have been buying shares of the stock heavily, which has already resulted in huge gains for some of them. The buying continued in August. While insiders can sell shares for a number of different reasons, they only buy shares for one reason: They believe the price will rise. Let's take a look at the moves and at what they mean for the stock.
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Different executives at the bank began buying shares in early March, taking advantage of the market declines that resulted from the pandemic. Notably, Live Oak President Neil Lawrence Underwood purchased 95,000 shares at $11.46 per share for a total value of $1.09 million . That purchase has profited tremendously, as shares of Live Oak are now trading at more than $22 per share. At least five other executives or board members purchased shares when Live Oak was trading around $11 or $12 per share .
Source Fool.com
