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WSJ's Inside Track reports that analysts are seeing recent insider purchases and those of a Dallas hedge fund as a serious buy signal for Gray Television Inc. CEO J. Mack Robinson and his wife have stepped up their buying since November, buying almost $1 million of stock. And Gray Television Inc 3 1 07Highland Capital Management spent $1.29 million in December in raising its stake to 10.5%. During the time shares rose 25%. Jonathan Moreland of "Buying into strength is a positive." COO Robert S. Prather Jr., who has also been a regular buyer, says Wall Street's view of the television sector is unduly pessimistic, and that Gray shares are "way undervalued" by analysts. Mark LoPresti of Thomson Financial gives three factors needed for a positive insider profile: (1) a cluster of transactions, (2) insider consensus, and (3) an increase in purchase size. "You have all three things here," Mr. LoPresti said.

• Sources: Wall Street Journal
• Related commentary: Company website, Insider transactions (I, II)
• Potentially impacted stocks and ETFs: Gray Television Inc. (NYSE:GTN). Competitors: ACME Communications Inc. (OTCPK:ACME), Media General Inc. (NYSE:MEG)

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