Boston, MA 08/20/2014 (wallstreetpr) – An independent Director and Senior management officer from Northeast Community Bancorp, Inc. (NASDAQ:NECB) and Mannatech, Inc. (NASDAQ:MTEX) have resorted to acquiring shares in their respective companies from the open market in the last two days of trading. Both the companies have disclosed the details in their filing with the Securities and Exchange Commission or the SEC.
Independent Director Buys Shares
Northeast Community Bancorp Independent Director Eugene Magier had acquired 4K shares on August 18 at an average price of $7.06, a filing with the SEC revealed. He had paid a total of $28,244 to buy the shares. As a result, his holding in Mannatech, Inc. (NASDAQ:MTEX) had increased to 5K shares.
The independent Director had paid about 66 cents a share or 10.3% higher than the 52-week low price of $6.40. However, the amount paid to acquire the shares represented a discount of 11.75% or 94 cents a share from the yearly high price of $8.00.
Senior Officer Acquire Shares
Similarly, another company, Mannatech witnessed acquisition of share by its management officer. Mannatech, Inc. (NASDAQ:MTEX)’s Chief Executive Officer and Chief Scientific Officer, Robert Sinnott, had resorted to buying his company shares on August 18 and 19, SEC document indicated. He had clearly taken advantage of the current lower price of the share.
The CEO had acquired 3,195 shares at an average price of $12.498 on August 18. He had paid an amount of $39,931 to acquire the shares. On the next day, he had acquired another 800 shares at the rate of $12.398 a share costing him $9,918. Both the transactions have taken his total holding in the company to 6,370 shares.
Cost Advantage
Considering that the shares of Mannatech, Inc. (NASDAQ:MTEX) had hit a 52-week high of $35, the CEO’s purchase price of $12.498 and $12.398 indicated that he had only paid 8.6% and 7.7% higher than the yearly lower price of $11.51. On the other hand, the amount paid per share represented a discount of more than 64% compared to the 52-week high price of $35.
