I'm relatively new to investing and MeetMe (NASDAQ:MEET) has reached 35%, or 90K shares, of the monthly volume average within the first half hour of the opening bell today.
Insiders are given two days to file their purchase with the SEC - therefore, the filing deadline = same day as earnings release (Aug, 8th).
I was wondering if this is an indication of insider buying? Opening price was $1.97 per share and the trading price has already reached a high of $2.09. Whomever may be buying this stock doesn't seem worried about making purchases at prices above the 21 day moving average of $1.95.
Just curious. I'm interested in your feedback. Thanks!
Just in case anyone is reading this today - I received a post on my article confirming that this was not a surge due to insider purchasing.
Brian Harvey, head of investor relations, informed a user yesterday (Aug6th) that insiders are currently in a lock-out period and cannot purchase shares until Thursday, Aug 9th, the day after earnings are announced.
I am still curious as to why the spike happened...
Disclosure: I am long MEET.