Directors Trades: This week’s punters included a trio whose business literally is punting
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In many ways, stock picking and sports gambling are similar. You’re hoping you can pick a winner but you have little to no control over it.
One of the few gambling stocks on the ASX is PointsBet (ASX:PBH) which has more than doubled since its June IPO. It is the third largest player in the US sports betting market which is over $100 billion.
They bought at the capital raising price which was a discount to its current market price of over $4.
The biggest buyer this week was Phylogica’s (ASX:PYC) Alan Tribe who bought $6.16m. This biotech stock is trying to treat a retinal disease called retinitis pigmentosa, which is the leading cause of childhood blindness.
Among ASX tech stocks, four have quadrupled or better in 12 months and one of these is Connexion Telematics (ASX:CXZ),which specialises in smart car technology.
But Aaryn Nania evidently believes its got even more room to grow. He bought $246,000.
West Australian gold miner Gateway Mining (ASX:GML) is currently reshuffling its portfolio in divesting from non-core tenements.
Its flagship project, Gidgee recently made its maiden JORC resource of 240,000 ounces at 2.2 grams per tonne gold. Peter Langworthy and Scott Brown bought $200,000 and $150,000, respectively, in a rights issue.
While the pair had agreed to back in August they had to wait for shareholder approval at the AGM due to the 15 per cent rule.
Another unique industry on the ASX is timber and there is only one stock – Kangaroo Island Plantation Timbers (ASX:KPT). A trio of directors from this company traded too, but they all sold.
Shauna Black and Graham Holdaway had tax bills to pay so they sold $135,000 and $112,500 respectively. John Sergeant sold $1.4m apparently to fund a house renovation. The shares were all sold to fellow substantial holder Washington H Soul Pattinson & Company.
Also selling shares this week was Robert Hosking from Karoon Energy (ASX:KAR) who sold 2 million shares in order to exercise his rights in its upcoming capital raise.
Last week, we reported Redbubble’s (ASX:RBL) founder Martin Hosking sold $11m in shares. This week another director made a big sale – Richard Cawsley who sold just over $1m.