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Twitter's stock price surged Monday after an SEC filing said co-founder and interim CEO Jack Dorsey had purchased 31,627 shares. The stock was priced at $27.67, according to the filing, making the purchase price of $875,021.
Dorsey made the purchase Friday. In a tweet that linked to the filing, Dorsey said early Monday he is investing in Twitter's future:
Shares of the social media company were up 7 percent in afternoon trading after some bullish commentary by traders on CNBC's "Halftime Report. "
Notably, Dorsey is just one of several Twitter insiders to buy the stock in recent days. That could signal the board and executive team are making a bet that this is the bottom for the stock. According to a separate SEC filing, board member Peter Currie purchased 9,200 shares on Friday.
Citigroup analyst, Mark May, pointed out that Dorsey himself had sold 400,000 shares of stock in the last couple of quarters amid turbulence after Dick Costolo stepped down as CEO and stock dropped.
"I think the endorsements from the insiders who are buying stock is a good sign, but you have to take it into the broader perspective," he said Monday in an interview with CNBC's "Squawk on the Street."
"The amount of stock that these insiders have bought in the recent weeks pales in comparison with the amount they sold in the last few months. So I'm not reading too much into that," Dorsey said.
It's worth noting that there have been several calls for Dorsey to remain the permanent CEO of the company, despite his role as executive chief at Square.
Early Twitter investor Chris Sacca on Friday urged the company's board to keep Dorsey as CEO, saying he has "product vision." In a string of tweets, Sacca also recommended Twitter name executive Adam Bain president and chief operating officer, while making co-founder Evan Williams chairman of the board.
—CNBC's John Melloy and Jacob Pramuk contributed to this report.
Disclosures: Mark May does not own shares of Twitter, but his firm owns shares in excess of 1 percent.