DELAFIELD, Wis. (Stockpickr) -- Corporate insiders sell their own companies' stock for a number of reasons.

They might need the cash for a big personal purchase such as a new house or yacht, or they might need the cash to fund a charity. Sometimes they sell as part of a planned selling program that they have put in place for diversification purposes, which allows them to sell stock in stages instead of selling all at one price.

Other times they sell because they think their stock is overvalued and the risk/reward is no longer attractive. Some even dump their own stock because they have inside knowledge that a competitor is eating their lunch and stealing market share.

But insiders usually buy their own shares for one reason: They think the stock is a bargain and has tremendous upside.

The key word in that last statement is "think." Just because a corporate insider thinks his or her stock is going to trade higher, that doesn't mean it will play out that way. Insiders can have all the conviction in the world that their stock is a buy, but if the market doesn't agree with them, the stock could end up going nowhere. Also, I say "usually" because sometimes insiders are loaned money by the company to buy their own stock. Those loans are often sweetheart deals and shouldn't be viewed as organic insider buying.

At the end of the day, it's institutional money managers running big mutual funds and hedge funds that drive stock prices, not insiders. That said, many of these savvy stock operators will follow insider buying activity when they agree with the insider that the stock is undervalued and has upside potential. This is why it's so important to always be monitoring insider activity but twice as important to make sure the trend of the stock coincides with the insider buying.

Recently, a number of companies' corporate insiders have bought large amounts of stock. These insiders are finding some value in the market, which warrants a closer look at these stocks.

Chesapeake Energy

One energy stock that insiders are snapping up a large amount of stock in here is Chesapeake Energy (CHK) - Get Report, which engages in the acquisition, exploration and development of properties for the production of oil, natural gas and natural gas liquids from underground reservoirs in the U.S. Insiders are buying this stock into notable weakness, since shares have fallen by 26% over the last six months.

Chesapeake Energy has a market cap of $10.1 billion and an enterprise value of $18.4 billion. This stock trades at a reasonable valuation, with a trailing price-to-earnings of 8.2 and a forward price-to-earnings of 66.7. Its estimated growth rate for this year is -99.3%, and for next year it's pegged at 2,200%. This is not a cash-rich company, since the total cash position on its balance sheet is $4.11 billion and its total debt is $11.58 billion. This stock currently sports a dividend yield of 2.4%.

A director just bought 1 million shares, or about $13.97 million worth of stock, at $13.98 per share.

From a technical perspective, CHK is currently trending below both its 50-day and 200-day moving averages, which is bearish. This stock recently formed a major bottoming chart pattern over the last month, with shares finding buying interest at $13.68, $13.38 and $13.71 a share. Following that bottom, shares of CHK have started to rip higher and it broke out above some near-term overhead resistance at $14.88 a share.

If you're bullish on CHK, then I would look for long-biased trades as long as this stock is trending above that breakout level at $14.88 or above $14.50 a share and then once it takes out Tuesday's intraday high of $15.49 and above more near-term resistance at $16 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average volume of 19.95 million shares. If that breakout triggers soon, then CHK will set up to re-test or possibly take out its next major overhead resistance levels at its 50-day moving average of $17.10 to $18 a share, or even $19 a share.

Alico

Another stock that insiders are jumping into here is Alico (ALCO) - Get Report, which operates as an agribusiness and land management company in the U.S. Insiders are buying this stock into big strength, since shares have trended higher by 36% over the last six months.

Alico has a market cap of $375 million and an enterprise value of $570 million. This stock trades at a fair valuation, with price-to-sales of 4.17 and a price-to-book of 2.48. This is not a cash-rich company, since the total cash position on its balance sheet is $2.05 million and its total debt is $198.37 million.

A director just bought 11,428 shares, or about $585,000 worth of stock, at $51.03 to $51.33 per share.

From a technical perspective, ALCO is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has been uptrending over the last month, with shares moving higher from its low of $44.10 to its recent high of $52.76 a share. During that move, shares of ALCO have been making mostly higher lows and higher highs, which is bullish technical price action. Shares of ALCO are now trending within range of triggering a near-term breakout trade above some key overhead resistance.

If you're in the bull camp on ALCO, then I would look for long-biased trades as long as this stock is trending above its 50-day moving average of $47.62 a share and then once it breaks out above some near-term overhead resistance at $52.76 a share with volume that hits near or above its three-month average action of 19,943 shares. If that breakout develops soon, then ALCO will set up to re-test or possibly take out its next major overhead resistance levels at $56 to its 52-week high at $58.10 a share. Any high-volume move above $58.10 will then give ALCO a chance to tag or trend north of $60 a share.

Famous Dave's of America

Another stock that insiders are active in here is Famous Dave's of America (DAVE) , which develops, owns, operates and franchises restaurants under the Famous Dave's name. Insiders are buying this stock into modest strength, since shares have trended higher by just 5.7% over the last six months.

Famous Dave's of America has a market cap of $194 million and an enterprise value of $211 million. This stock trades at a fair valuation, with a trailing price-to-earnings of 68.7 and a forward price-to-earnings of 24.9. Its estimated growth rate for this year is 3.5%, and for next year it's pegged at 25%. This is not a cash-rich company, since the total cash position on its balance sheet is $2.13 million and its total debt is $12.52 million. This stock currently sports a dividend yield of 1.4%.

A beneficial owner just bought 28,800 shares, or about $792,000 worth of stock, at $27.53 per share.

From a technical perspective, DAVE is currently trending just above its 200-day moving average and below its 50-day moving average, which is neutral trendwise. This stock has been downtrending for the last two months, with shares falling from its high of $34.72 to its recent low of $26.63 a share. During that downtrend, shares of DAVE have been making mostly lower highs and lower lows, which is bearish technical price action.

If you're bullish on DAVE, then I would look for long-biased trades as long as this stock is trending above some key near-term support at $26.63 a share and then once it breaks out above some near-term overhead resistance levels at $28.86 to its 50-day at $30.18 a share with high volume. Look for a sustained move or close above the levels with volume that hits near or above its three-month average action of 36,495 shares. If that breakout hits soon, then DAVE will set u to re-test or possibly take out its next major overhead resistance levels at $31.50 to $32, or even $33 a .

Luby's

Another stock that insiders are jumping into here is Luby's (LUB) - Get Report, which operates a multi-branded company in the restaurant industry and in the contract food services industry. Insiders are buying this stock into notable strength, since shares have risen by 22% over the last six months.

Luby's has a market cap of $155 million and an enterprise value of $203 million. This stock trades at a premium valuation, with a forward price-to-earnings of 67.8. Its estimated growth rate for the next quarter is 125%, and for next year it's pegged at 214.3%. This is not a cash-rich company, since the total cash position on its balance sheet is $1.62 million and its total debt is $54.5 million.

The CEO just bought 57,540 shares, or about $291,000 worth of stock, at $5.04 to $5.07 per share.

From a technical perspective, LUB is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has been uptrending over the last few weeks, with shares moving higher from its low of $4.78 to its intraday high on Tuesday of $5.52 a share. During that uptrend, shares of LUB have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of LUB within range of triggering a major breakout trade above some key near-term overhead resistance levels.

If you're bullish on LUB, then I would look for long-biased trades as long as this stock is trending above its 50-day at $5.26 or above its 200-day at $5.09 a share and then once it breaks out above some key near-term overhead resistance levels at $5.57 to $5.72 a share and then above $5.93 to $6.01 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 43,428 shares. If that breakout gets started soon, then LUB will set up to re-test or possibly take out its next major overhead resistance levels at $7 to $8 a share.

Amtech Systems

One final stock with some bullish insider activity is Amtech Systems (ASYS) - Get Report, which designs, assembles, sells and installs capital equipment and related consumables used in the manufacture of wafers, primarily for the solar and semiconductor industries worldwide. Insiders are buying this stock into decent strength, since shares have trended higher by 14.8% over the last three months.

Amtech Systems has a market cap of $140 million and an enterprise value of $118 million. This stock trades at a reasonable valuation, with a forward price-to-earnings of 17.3. Its estimated growth rate for this year is 32.8%, and for next year it's pegged at 168.9%. This is a cash-rich company, since the total cash position on its balance sheet is $28.55 million and its total debt is $2.03 million.

A beneficial owner just bought 150,000 shares, or about $1.64 million worth of stock, at $10.95 to $11.00 per share. From a technical perspective, ASYS is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has been downtrending over the last few weeks, with shares moving lower from its high of $12.59 to its recent low of $10.58 a share. During that downtrend, shares of ASYS have been making mostly lower highs and lower lows, which is bearish technical price action.

If you're bullish on ASYS, then I would look for long-biased trades as long as this stock is trending above its 50-day moving average of $10.58 a share or its 200-day moving average of $10.06 a share and then once it breaks out above some near-term overhead resistance levels at $11.50 to $11.60 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average volume of 52,877 shares. If that breakout get started soon, then ASYS will set up to re-test or possibly take out its next major overhead resistance levels at $12.59 or its 52-week high of $13 a share.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.