Top Buys by Top Brass: Chief Executive Officer Reed's $1.7M Bet on NEWM

A company's own top management tend to have the best inside view into the business, so when company officers make major buys, investors are wise to take notice. Presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company 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 the ''top brass'' over the trailing six month period, one of which was a total of $1.7M invested across 2 purchases by Michael Reed, Chief Executive Officer at New Media Investment Group Inc ( NEWM).

Click here to find out which other top insider buys by the ''top brass'' you need to know about »

Reed bets big on NEWM:
Purchased Insider Title Shares Price/Share Value
05/13/2016 Michael Reed Chief Executive Officer 60,000 $15.90 $954,000.00
11/03/2016 Michael Reed Chief Executive Officer 50,000 $14.34 $717,000.00

Reed's average cost works out to $15.19/share. Shares of New Media Investment Group Inc were changing hands at $16.32 at last check, trading up about 2.1% on Thursday. The chart below shows the one year performance of NEWM shares, versus its 200 day moving average:

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