Investors love to see directors, chairs, and even CEOs of ASX companies picking up shares of the business they are running. It's not hard to see why.
Management buying shares of their own companies gives investors confidence that the highly-paid people running the show see value in shareholders' futures.
It also helps incentivise management, ensuring that their financial fortunes are more closely tied to those of their shareholders.
So that might be why the Kogan.com Ltd (ASX: KGN) share price is holding up better than the broader market today. At the time of writing, Kogan shares are up by 0.31% to $3.28 each.
That looks pretty good against the All Ordinaries Index (ASX: XAO). It is currently down by a nasty 0.81%.
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Director triples down on Kogan shares
Yes, this week we got the news that Kogan director Janine Allis has not doubled, but tripled her holdings in Kogan. An ASX filing shows that Allis boosted her holdings by 10,000 shares on 5 December.
She paid an average of $3.33 per share. That would equate to an investment of $33,300.
Allis previously owned 4,761 shares of Kogan, so this new tranche of 10,000 shares more than triples her stake in the ASX retail share.
Janine Allis has been an independent, non-executive director at Kogan since April 2021. Previously, she founded the popular juice chain Boost Juice.
So no doubt Kogan investors will be buoyed upon hearing about this large purchase of shares. It's likely to be a much-needed confidence boost, given the company's share price has lost a painful 62.5% of its value over 2022 alone.
At the current Kogan share price, the company has a market capitalisation of $351 million.
