There are different ways to classify the “most bought.” It could be the number of shares, the number of insiders, the number of buy transactions, and the dollar value of the buying. In this circumstance, it comes down to the number of shares being purchased with a minimum of two transactions.
Between June 1 and June 5, RCM Technologies Inc (NASDAQ: RCMT) saw insiders buy 1.1 million shares for a total value of $1.32 million in two separate transactions. RCMT is a microcap that is a business technology company. The buyers were Roger Ballou, director, Kevin Miller, CFO, and Vizi Bradley, Chairman and president.
Following the buying on Tuesday, the stock closed $0.63 higher for a 47% gain. The breakout followed a two-month consolidation and a formation of a double bottom. The breakout from the formation provides a projected target of $2.20. Based on the size of the move, the potential is a move to $2.70.
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Here are links to the last two insider trading reports.
Action to Take: RCMT is a long opportunity on a close above $2 on above average volume. A $0.20 trailing stop could be used with a potential move to $2.70.