At the end of each week I like to look at which ASX shares have been experiencing notable insider buying. This is because I believe insider buying can be a bullish indicator as few people ought to know a company, its industry, prospects, and true value better than its own directors.
Three shares which have reported meaningful insider buying this week are listed below:
Monash IVF Group Ltd (ASX: MVF)
According to a change of director's interest notice, independent non-executive director Christina Boyce has picked up 40,000 shares in the embattled fertility treatment company for a total consideration of $37,500 through two on-market trades. This equates to an average price of 97.8 cents per share. Unfortunately for the director the market selloff has dragged Monash IVF's shares down to a 52-week low of 92 cents today.
Myer Holdings Ltd (ASX: MYR)
A change of director's interest notice out of this department store operator reveals that its independent non-executive director, David Whittle, has been buying its shares on-market this week. Mr Whittle picked up 54,321 shares for a total consideration of $27,975.32. This works out to be an average price of 51.5 cents per share. Fellow director Margaret Cattermole was also buying shares this week. She snapped up almost $50,000 worth of shares on Tuesday. This could be a sign that the Myer board is confident in its turnaround plans.
Resolute Mining Limited (ASX: RSG)
This gold miner's CEO, John Welborn, bought 52,412 shares for a total consideration of approximately $55,000 this week. The gold miner's shares have fallen heavily since the end of August and Mr Welborn appears to believe that they have fallen down to an attractive level now. This brought the CEO's holding up to a total of 4.5 million fully paid ordinary shares. He also has various performance rights that may be vested in the future.
