INK Canadian Insider Index member AutoCanada Inc. operates approximately 54 automobile dealerships in Canada, with the bulk located in Western Canada.
The stock tumbled 9.7 per cent following the release of fourth-quarter results on March 16.
In typical contrarian fashion, a director spent $38,985 picking up 1,895 shares at $21.10 on March 22 as the stock flirted with technically over-sold territory.
This was not the first time in recent memory AutoCanada stock went on sale. Last fall, chief executive Steven Landry spent $270,049 buying shares when the stock price was just below $21.
Disclaimer:
Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com. Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.
Graph Footnote:
Chart reflects public-market transactions of common shares or unit trusts by company officers and directors
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