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Insider Buys Signal Confidence in Great Southern Mining
30 Nov
Summary
- Insiders at Great Southern Mining were net buyers of stock over the past year.
- Joseph Pinto was the sole insider to purchase shares, buying 77.87m shares.
- Insiders collectively own 45% of Great Southern Mining's shares.
Great Southern Mining Limited (ASX:GSN) has seen a notable trend of insider buying over the last year, indicating a vote of confidence from those within the company. The most significant insider purchase was made by Joseph Pinto, who acquired 77.87 million shares for approximately AU$759,000 at an average price of AU$0.021 per share. This purchase occurred at a price higher than the current share price of AU$0.029. Pinto's activity as both the largest buyer and seller underscores his significant involvement.
Further analysis reveals a clear pattern of net buying activity from insiders within the last three months. Joseph Pinto alone invested AU$317,000 in shares, while only selling a small amount worth AU$5.8k. This sustained buying behavior suggests an optimistic outlook among key individuals within Great Southern Mining.
The company also boasts a significant level of insider ownership, with insiders collectively holding approximately AU$13 million worth of shares, representing 45% of the company. This high insider ownership is often viewed favorably by investors, as it implies that the incentives of management are closely aligned with the long-term interests of all shareholders.
