Rare and Interesting Insider Buy Seen in Bally Technologies (BYI)

February 6, 2013 5:36 PM EST
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After the close, Bally Technologies (NYSE: BYI) CEO Ramesh Srinivasan disclosed the purchase of 25,000 shares on 2/4 at $47.48, bringing his stake to 80,864 shares.

This is the only insider buy on record for Srinivasan, who took over the top spot in December 2012. He joined Bally Technologies in March 2005 as Executive Vice President, Systems and was promoted to President and Chief Operating Officer in April 2011.

The purchase is not only rare, it follows a recent takeover in the casino equipment space. On January 31st, Scientific Games (NASDAQ: SGMS) agreed to acquire WMS Industries (NYSE: WMS) for $1.5 billion.

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