Did Wajax investors overreact to Q1 news?
Wajax investors reacted sharply to the company's Q1 results, leading to a significant drop in stock price. Despite this decline, multiple insiders purchased shares in the public market, indicating confidence in the company's future. The total insider purchases amounted to over $1 million within a few weeks following the earnings report.
- ▪Wajax's stock fell 13.7 percent after the release of Q1 results on May 4.
- ▪The company's revenue declined to $502.1 million, down 9.5 percent compared to the previous year.
- ▪Insiders bought a total of 34,046 shares at an average price of $29.44 from May 6 to May 26.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountMultiple insiders bought Wajax WJX-T shares in the public market after the stock fell 13.7 per cent following the company’s Q1 results (released May 4). The news included revenue declining to $502.1-million, down 9.5 per cent compared to a year ago. Insiders spent a total of just over $1-million buying shares in the public market from May 6 to May 26. The 34,046 shares were purchased at an average price of $29.44. The most recent buyer was Director Jane Craighead who bought 1,750 shares at an average price of $28.86.Open this photo in gallery:stockTed Dixon is CEO of INK Research, which provides insider news and knowledge to investors.
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