Agreed. Insiders sell stock for many reasons, but they only buy for one reason. This is the first time I have seen insiders chase a stock higher.
I doubt insiders would be buying in front of a major corporate transaction, so one can only assume that the growth initiatives are gaining traction.
The sales staff have been increased by 70% since FY12, business analysts are being employed and now RNC are expanding into SA. Mgmt are meaningfully moving to expand the business.
They appear to be very confident of their ability to grow the business. They have had 5 years to plan their growth strategy, I suppose.
February 2014 is a long time to wait for commentary on the progress, but the price action and insider buying are encouraging.
RNC Price at posting:
33.0¢ Sentiment: Hold Disclosure: Held
