The Adore Beauty Group Ltd (ASX: ABY) share price is edging into the red on Tuesday morning.
This comes as insiders have recently taken advantage of the share price weakness to purchase more shares.
At the time of writing, the online beauty retailer's shares are down 1.5% to $1.97 apiece.
Directors top up on Adore Beauty shares
In a statement last week, Adore Beauty revealed that two of its directors, James Height and Kate Morris, have each bought a portion of new shares.
Executive director Height picked up 46,265 Adore Beauty shares through an on-market acquisition on 9 March at $2.054 apiece. He further added to his holding by buying another 153,735 shares at $2.11 each the following day.
In total, Height increased his portfolio by 200,000 Adore Beauty shares. This means that the executive director now has 10.4 million fully paid ordinary Adore Beauty shares.
In addition, executive director Morris also supplemented her portfolio with 46,266 shares on 9 March, and 153,734 shares on 10 March. The price paid per share was the same as in Height's transactions, outlined above.
The 200,000 Adore Beauty shares were purchased via an on-market trade, bringing Morris's total to 10.4 million shares.
Both transactions equate to a value of almost $840,000.
It appears the directors believe that Adore Beauty shares may have bottomed out, particularly after UBS's latest recommendation.
Adore Beauty share price snapshot
Over the past 12 months, the Adore Beauty share price has sunk by around 62%, with year-to-date losses at 50%.
The company's shares have been moving along on a downhill trajectory, particularly since the start of 2022.
Although, currently the relative strength index (RSI) is at 30, indicating the company's shares have been oversold.
The RSI is a momentum oscillator that is used to assess the strength or weakness of a share price. Normal levels range between 30 and 70, as anything outside that range reveals if the share price is attractive to buy, or expensive.
Adore Beauty commands a market capitalisation of roughly $186 million.
