(Image Credit - Investment Zen)
Two weeks ago, we reported on insider buying in shares of Aphria Inc. (TSX:APH)(OTC:APHQF)(FRA:10E). Although the shares acquired made up a tiny percentage of the company's total shares outstanding, it led to a few days of bullish action in
Aphria. That said, the bullish action quickly gave way to selling pressure once more even as insiders have continued to load up on shares in greater quantities.
In trading on May 11th the stock reversed A.M. losses to finish the session up 11.53%. Combined with the insider buying, this is a sign that the stock is trying to find a bottom in this range.
Robert Kozlov, Director and Chair of the Compensation, Nominating and Governance Committee
1,500 shares acquired on May 9th at $5.88 CAD per share = $8,820 CAD
Cole Cacciabillani, Director
100,000 shares acquired on May 9th at $5.91 CAD per share = $591,000 CAD
Arlene Dickinson, Director
2,000 shares acquired on May 5th at $6.15 CAD per share = $12,300 CAD
5,000 shares bought on May 4th at $6.46 CAD per share = $32,300 CAD
Carl Merton, Chief Financial Officer
2,000 shares bought on April 28th at $5.99 CAD per share = $11,980 CAD
Conclusion
Quite a few more shares were bought this time around, making the vote of confidence from Aphria insiders even bigger this time. We'll be watching to see if shares of Aphria can grab a foothold in this range given this vote of confidence and May 11th's trading action.
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