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Wednesday, August 27, 2008

Resurrection from Junk

Here is a penny stock that has come back recently from junk state. Radian Group(RDN), a mortgage insurance company, was hurt badly by the subprime bubble burst and traded as low as 70 cents in July. If you spend $7,000 back then to buy 10,000 shares back then, today your portfolio would be worth $31,500, a 350% gain in less than two months.

Is RDN still worth buying? Recent downgrade from S&P cooled down the upward momentum. Moreover the lastest quaterly report was dissapointing. However looking at the insider trading it's a slightly different story as in August alone the insiders bought 34,000 shares in the $3 to $4 range. So which one to believe? Maybe the worst is over? At this point I would start accumulate a little bit but keep track of the news and the financial status of the company.

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