Why Lumen Stock Is Gaining Today
Lumen Technologies' (NYSE: LUMN) stock is gaining ground in Monday's trading following insider buying disclosures. The telecom specialist's share price was up 8% as of 1:15 p.m. ET, according to data from S&P Global Market Intelligence.
Lumen recently submitted filings with the Securities and Exchange Commission (SEC) showing that CEO Kate Johnson and CFO Christopher Stansbury had made significant purchases of company stock. The filings showed that Johnson purchased shares starting on Nov. 2, and Stansbury bought shares on Nov. 3.
Legendary investor Peter Lynch once said, "Insiders might sell their shares for any number of reasons, but they buy them for only one: They think the price will rise." That might be a bit of a simplification, but insider buying is generally a bullish sign -- and Lumen is making gains on news that two of its most important executives are buying company stock.
Source Fool.com
