Do AfterPay (APT) directors know something?
Afterpay (APT) +25.96%: clawed back a portion of the savage sell off the stock has encountered over the past few weeks - it peaked on 20 Feb at $41.14, falling 80.5% to yesterday's low of $8.01 in just 23 sessions. Today's support was found on directors picking up a few shares into the weakness. Two directors bought a total of 14,790 shares on Friday - around $100k each, while one lucky director nabbed 19,300 at a little under $9 yesterday.
The inside guys tend to have a reasonable idea of how the business is going and throwing a few pennies at their own company signals to the market that the ship is steady. we discussed the pain being felt in the BNPL space last week - the gist being that their target market is the casually or part time employed, while funding will become increasing difficult to come by in the current environment. These three seem to have a different idea, and while defaults are inevitable, it may be A sign that the doomsday scenario currently being priced into the group is overshooting to the downside - at least for APT that is.
Afterpay (APT) Chart
