Directors Trades: Falling share prices spur more big buys
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For the fourth week in a row, investors kept selling but directors kept buying.
While in the early weeks of 2020 there were only a handful of directors making big trades, the past week has seen over 20 big trades.
A pair of big buying directors came from a company that is no stranger to a sudden share price plunge.
Last year Rural Funds Group (ASX:RFF) took a dive when it was accused of accounting fraud by short seller Bonitas Research.
The board topped up their holdings in the stock at the same time they refuted Bonitas’ allegations.
Now, the stock has fallen 8 per cent in the last month and David Bryant, who bought $500,000 last August, acquired another $242,542 worth of shares last week. His colleague Julian Widdup dropped another $103,311 to pick up more shares.
Another repeat buyer was Servcorp’s (ASX:SRV) Alfred Moufarrige, who bought $800,000 in the first week of the plunge and last week snapped up another $300,000 worth of stock.
A regular in Stockhead’s Director Trades column, Lev Mizikovsky, has bought nearly $500,000 in Advance Nanotek (ASX:ANO) stock.
But soon after he bought, the company was suspended by the ASX along with Astivita (ASX:AIR), pending queries. The two companies were reportedly about to launch new products although further details have not been released.
On the resources front, Karl Simich from copper miner Sandfire Resources (ASX:SFR) handed over $181,714 for more shares. While the company has nearly halved this year, it said on Friday that its DeGrussa operations in Western Australia were continuing with appropriate precautions.
Karoon Energy (ASX:KAR) has shed over two thirds of its value in two months but that didn’t stop director Bruce Phillips buying nearly $500,000 worth of stock last week.
This week’s sole seller was Broo’s (ASX:BEE) Kent Grogan, who parted with $400,000 off market.