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Another name that insiders are doing some active buying in is
Genie Energy(GNE - Get Report), which is engaged in developing pioneering technologies to produce clean and affordable transportation fuels from the world's abundant unconventional fuel resources. Insiders are buying into strength here since this stock is up around 32% in 2012.
Genie Energy has a market cap of $237.5 million and an enterprise value of $144 million. This stock trades at a cheap valuation, with a price-to-sales of 1.15 and a price-to-book of 1.80. This is cash-rich company, since the total cash position on its balance sheet is $92.35 million and its total debt is zero.
The chairman of the board and beneficial owner just
bought 52,000 shares, or $514,000 worth of stock, at $9.90 per share.
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technical perspective, GNE is currently trading above its 50-day
moving average, which is bullish. This stock has been uptrending strong since it hit its IPO low of $6.68 a share last November. After marking that low, the stock has soared to its IPO high in February at $11.18 a share. After a brief pullback of that high, the stock is now trading within range of breaking out and challenging that high.
If you're bullish on GNE, then I would look for long biased trades once this stock breaks out above some near-term overhead resistance at $10.50, and then above its all-time high of $11.18 a share with high-volume. Look for volume on any move above those levels that's near or well above its three-month average action of 86,080 shares. If we get that action soon, then look for GNE to spike significantly higher since it will have cleared all of its overhead resistance levels.