Wynnefield Partners Small Cap continues to accumulate shares of infant safety and care product company Summer Infant, Inc. SUMR 2.39%.
Wynnefield’s latest open-market buy was for 418,952 shares at an average cost of $1.80 on November 16.
The recent buy was the seventh time Wynnefield has made a major purchase of Summer Infant shares since late August. Prices on the deals have ranged from $1.80 to as high as $2.25.
Summer Infant was trading at around $2.00 on Wednesday.
According to the Nasdaq website, Summer Infant has seen much more buying pressure than selling pressure from insiders in the past year. Company insiders have purchased more than 1.4 million shares of stock on the open market in the past 12 months. Only about 200,000 insider shares have been sold in that time.
That level of insider buying volume is certainly significant for a stock with only a $35.5 million market cap. Summer Infant has just 18.5 million total shares.
Despite all the insider buying, shares of the under-the-radar stock are up…
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