Insiders Bullish On JB Hi Fi As They Move To Recruit More Staff
How confident are you about JB Hi Fi going forward, especially as many of their stores have been closed due to COVID?
It appears that Non-Executive Director, Geoffrey Roberts, who recently bought AU$141k worth of stock, paying AU$47.04 for each share is confident that consumers are set to flock back to the stores when they open after lockdowns.
It also appears that executives who have moved to hire hundreds of casual staff for the peak holiday buying period are also confident.
The purchase by Geoffrey Roberts is the biggest insider purchase of JB Hi-Fi shares in the last year and is a good sign for investors who have we seen the shares soar from $29 four years ago to $44 yesterday and that takes into account shutdowns of stores in both NSW and Victoria.
The move to buy stock in the big consumer electronic Company means that insiders are bullish about the company.
A Yahoo Financial Analysts said “To us, it’s very important to consider the price insiders pay for shares. Generally speaking, it catches our eye when insiders have purchased shares at above current prices, as it suggests they believed the shares were worth buying, even at a higher price”
“While JB Hi-Fi insiders bought shares during the last year, they didn’t sell. You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months”.
It appears that JB Hi-Fi insiders own 0.8% of the company, worth about AU$43m.
While this is a strong but not outstanding level of insider ownership, it’s enough to indicate some alignment between management and smaller shareholders they claimed.