Christian Okonsky, Chief Technology Officer at Volcon (NASDAQ:VLCN), made a large insider buy on October 19, according to a new SEC filing.
What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Tuesday showed that Okonsky purchased 31,281 shares of Volcon at at prices ranging from $9.20 to $9.24. The total transaction amounted to $288,628.
Following the transaction, Okonsky now owns 330,031 shares of Volcon, worth $2,917,474.
Volcon shares are trading up 1.73% at $8.84 at the time of this writing on Thursday morning.
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The Importance of Insider Transactions
Insider transactions shouldn't be used primarily to make an investing decision, however an insider transaction can be an important factor in the investing decision.
In legal terms, an "insider" refers to any shareholder who owns at least 10% of a company. This can include executives in the c-suite and large hedge funds. These insiders are required to let the public know of their transactions via a Form 4 filing, which must be filed within two business days of the transaction.
When a company insider makes a new purchase, that is an indication that they expect the stock to rise.
Insider sells, on the other hand, can be made for a variety of reasons, and may not necessarily mean that the seller thinks the stock will go down.
Important Transaction Codes
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