During the past year Harvey Norman shares have fallen close to 20% but this has not stopped Chairman Gerry Harvey and CEO Katie Page buying up shares in the mass retailer who is currently struggling to get stock to sell.

Multiple insiders have secured a larger position in Harvey Norman Holdings Limited during the past 12 months which several analysts claim is not necessarily a bad thing.

Since September 2021 Chairman Gerry Harvey has purchased $5.69 million dollars’ worth of Harvey Norman shares with the stock trading at $.31 today.

During the past 12 months the stock has gone from a high of $5.93 to $4.26.

Also buying up shares in the big retailer was Maurice Craven.

His latest acquisition takes Gerry Harvey’s stock holding to $33.96% of the business. The second largest shareholder is Dimbula Pty Ltd with 16.48%.

Margaret Harvey Gerry Harvey’s ex-wife is the third largest investor at 4.7% of the business.

Gerry Harvey’s holding is valued at $1.8 billion.

CEO Katie Page holds only 1.61% of the stock.

Over the last year, the biggest insider purchase was Gerald Harvey who purchased overall $3.4m worth of shares, at around $5.17 per share.

Analysts Simply Wall Street claims “It’s clear an insider wanted to buy, even at a higher price than the current share price. While their view may have changed since the purchase was made, this does at least suggest they have had confidence in the company’s future”.