Guess which ASX 200 lithium director just snapped up $250,000 worth of their company’s shares

The share price of S&P/ASX 200 Index (ASX: XJO) lithium favourite Allkem Ltd (ASX: AKE) has struggled over the last week.

The stock lifted just 0.5% in Monday’s lithium rally before plunging 12% amid Tuesday’s suffering.

All in all, the Allkem share price is 6.8% lower than it was this time last week, trading at $14.76. And while it’s been suffering, Allkem chair Peter Coleman has been on a buying spree.

Let’s take a closer look at the recent insider buying going down at the ASX 200 lithium share.

ASX 200 chair buys into their company’s shares

Coleman has been buying up shares in the $9 billion ASX 200 lithium giant over the last week.

He indirectly snapped up 15,971 Allkem shares between 10 November and 15 November in on-market trades.

That period saw the stock trading at a high of $16.75 and a low of $13.96.

With that in mind, Coleman arguably got a good price for his trades. He paid an average of $15.71 per share for a total of $250,915.

Interestingly, the director previously had no interest in the ASX 200 lithium share. Also interestingly, Coleman has only held the position of Allkem chair for a matter of days.

He took on the role on Tuesday as former chair Martin Rowley stepped down after Allkem’s annual general meeting (AGM).

Coleman was appointed as a company director in October. He was previously CEO of Woodside Energy Group Ltd (ASX: WDS) for a decade, handing the reins to Meg O’Neill in 2021.

Speaking on Coleman’s appointment, Rowley said:

Peter is an outstanding successor to the Allkem chair, having demonstrated throughout his career the attributes necessary to guide Allkem through its next growth phase. He is ideally suited to lead the company’s successful delivery of its strategy to triple production by 2026 and maintain at least 10% of global market share in the medium term.

The post Guess which ASX 200 lithium director just snapped up $250,000 worth of their company’s shares appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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