I like to keep a close eye on 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:
Coles Group Ltd (ASX: COL)
According to a change of director's interest notice, the chairman and non-executive director of this supermarket operator, James Graham AM, has bought shares on-market this month. Mr Graham picked up a total of 40,000 shares at an average of ~$14.48 per share. This equates to a total consideration of approximately $579,000. The company's chairman now has a total holding of 500,188 shares, including direct and indirect holdings.
Nearmap Ltd (ASX: NEA)
A notice out of this aerial imagery technology and location data company reveals that one of its independent non-executive directors has made a sizeable purchase of shares. According to the notice, Sue Klose picked up 100,000 shares through an on-market trade on February 24. Ms Klose paid an average of $1.847 per share, bringing the total consideration to $184,703.40. Whilst this purchase has no doubt given investor sentiment a boost, it hasn't been enough to stop the Nearmap share price from sinking lower. Earlier today Nearmap's shares hit a 52-week low of $1.56.
SEEK Limited (ASX: SEK)
A change of director's interest notice reveals that one of this job listings company's directors has been buying shares. According to the notice, non-executive director Leigh Jasper picked up a total of 28,075 shares through a series of on-market trades between February 26 and March 2. This more than doubled the director's shareholding to a total of 51,304 shares. Mr Jasper paid a total of $600,020 for the shares, which equates to an average of ~$21.37. The SEEK share price is changing hands at $21.01 this afternoon.
