Something’s afoot! Why is the Accent share price leaping 6% today?

Was insider buying behind the footwear retailer’s gains today?

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Key points

  • The Accent share price surged 6.2% higher today to close at $1.38
  • The gains came amid news a firm controlled by one of the company's directors has bought another parcel of Accent shares
  • Brett Blundy's BBRC World now holds 19% of the voting power

The Accent Group Ltd (ASX: AX1) share price spent Wednesday well in the green amid news its director and major shareholder upped his holding in the company’s stock.

A firm founded and controlled by Brett Blundy – Australia’s 29th richest person – purchased more than $6.3 million worth of Accent stock in on-market trades earlier this week, according to an ASX release published this morning.

The Accent share price closed the day at $1.37, 6.2% higher than its previous close.

For context, the All Ordinaries Index (ASX: XAO) shook off its earlier fall to finish the day 0.26% higher.

Let’s take a closer look at Blundy’s newly boosted investment in the footwear retailer.

Did this boost the Accent share price today?

Accent’s gains came amid news Blundy’s investment firm BBRC World purchased 4.95 million Accent shares on the market over Monday and Tuesday, paying between $1.26 and $1.27 apiece.

The purchase has increased the investment firm’s voting power to 19% and brought Blundy’s holding in Accent to more than 103.5 million shares.

Blundy also sits on Accent’s board, having been reinstated last month after a near two-year hiatus.

Today’s gains come at a good time for the stock after its disastrous start to the year.

Wednesday’s gains included, the Accent share price is nearly 44% lower than it was at the start of 2022. It has also fallen 49% since this time last year.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. 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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