Stock in S&P/ASX 200 Index (ASX: XJO) analytical and testing services provider ALS Ltd (ASX: ALQ) roared to a 52-week high of $13.48 in April before coming off the gas.
It has since slumped nearly 14% to trade at $11.67 right now.
But there's a silver lining. The tumble might have brought about a buying opportunity.
That's suggested by an insider purchase that saw the ASX 200 company's chair snap up more than $500,000 worth of its stock.
Image source: Getty Images
An insider just sunk more than $500k into this ASX 200 stock
ALS chair Bruce Phillips has sat on the company's board for nearly eight years, heading the table for close to seven of those.
One might assume his time running the ship sees him with a good understanding of the company's strengths and weaknesses.
Thus, some market watchers are likely intrigued by a recent purchase undertaken by the director.
Phillips indirectly purchased 50,000 stocks in the ASX 200 industrials company on the market earlier this week.
He paid around $11.68 per share to do so, forking out a total of approximately $584,000.
That same day, independent non-executive director Peter Possemiers also splurged on the market. He paid nearly $20,000 to bolster his parcel of ALS shares.
That saw him buying 11,470 securities for $11.46 apiece on the market – positively a bargain compared to his previous purchase.
Possemiers joined the company's board in November last year. Soon after, he forked out close to $30,000 to buy 2,470 of the ASX 200 constituent's stocks for $12.14 apiece.
The most significant news weighing on the ALS share price in recent weeks appears to have been the company's full-year earnings.
The ASX 200 stock tumbled 4% late last month despite the company posting a 23% jump in net profit after tax (NPAT), surging above previous guidance, and a 19% increase in revenue.
