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Insiders have been buying Webjet and these ASX shares

Once a week I like to look at which shares have experienced meaningful insider buying.

This is because insider buying is often regarded as a bullish indicator, as few people know a company and its intrinsic value better than its own directors.

A number of shares have reported meaningful insider buying this week. Here are a few that caught my eye:

Credit Corp Group Limited (ASX: CCP)

According to a change of director’s interest notice, this receivables company’s new non-executive director, John Nesbitt, has been buying shares on-market. The notice reveals that Mr Nesbitt picked up 2,792 shares on October 1 for a total consideration of $83,675. This works out to be an average of $29.97 per share. However, just today its non-executive chairman, Don McLay, revealed that he had sold $555,000 worth of shares the on October 2 through an on-market trade. This is the latest in a series of shares sales.

Syrah Resources Ltd (ASX: SYR)

One of this embattled graphite producer’s non-executive directors has been buying shares on market recently. According to a change of director’s interest notice, Sara Watts picked up 38,000 shares through an on-market trade on September 26. Ms Watts paid a total of $19,379.47 or an average of 51 cents per share. The Syrah share price has fallen heavily this year following a sharp decline in graphite prices. It appears as though this director may believe its share price has now bottomed.

Webjet Limited (ASX: WEB)

A change of director’s interest notice reveals that another insider has been buying this online travel agent’s shares. According to the notice, independent non-executive director Don Clarke picked up 3,000 shares through an on-market trade on September 26 for a total consideration of $34,230. This equates to an average of $11.41 per share. It follows the purchase of 25,000 shares for almost $400,000 last week by its CEO John Guscic and a $97,440 purchase of shares by its non-executive director, Brad Holman, a week earlier.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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