I'm back for my once a quarter post LOL. Actually, there hasn't been much to talk about until this weekend. I was looking around Edgar and noticed that one of Lodgenet's directors, Lawrence Flinn, Jr, filed a Form 4 dated March 16, 1998 in which he reported that he bought 60,000 shares of LNET on March 4, 1998 at 10 7/8. This brings his total holdings to 61,833 shares. More importantly, this was a direct purchase as opposed to an options related transaction. He also holds options to buy another 30,000 shares.
This explains the high volume and larger than average influx of money into the stock on March 4. In the four days since the filing hit Edgar, the money flow has been positive every day and the stock has moved up nicely. I can only assume that people are buying because of the insider buying. The stock has resistance at 11 3/4 and a move through that would represent a break out and set up a move to test resistance at about 12 3/4.
One side note: Insiders were selling in the 12 1/2 area a few months ago but they didn't file with the SEC until a few months later. I wonder if it's just a coincidence that Mr. Flinn filed within a few days of his purchase. In other words, it appears that the directors file fast when the news is good and slow when the news isn't so good.
Still holding my 4k shares - Geez, I didn't know I could be this patient!!
Dan |
