Which ASX 200 nickel share boss just bought $1.9 million worth of shares?

The managing director of ASX 200 nickel share Nickel Industries Ltd (ASX: NIC) has shelled out $1.9 million of his own money to top up his holdings in the company.

A change of director’s interest notice lodged with the ASX shows Justin Werner purchased 2.1 million shares on-market through two companies for a total consideration of $1,887,839 last Wednesday.

Werner hasn’t purchased Nickel Industries shares since October 2021. His buy last week increased his existing holding by 7%. Werner now holds more than 31.8 million Nickel Industries shares.

ASX 200 nickel share up almost 17% since Monday

The Nickel Industries share price is the second-best riser of the ASX 200 today.

The mining stock is currently up 6.1% to 99 cents.

There’s been some heavy trading of Nickel Industries shares over the past two days as well.

The nickel share was the best performer of the ASX 200 on Tuesday, rising 7.1%.

That day, the company announced it was simultaneously issuing new notes and tendering its existing notes to extend its debt maturity profile.

The nickel miner’s winning streak continued yesterday, with the Nickel Industries share price rising another 3.3%. The share price is now up by almost 17% since Monday.

What’s the latest news from Nickel Industries?

As we reported, Nickel Industries revealed some impressive full-year results back in February.

This included an 88.4% lift in revenue to US$1,217 million and a 15.3% bump in net profit to US$159 million.

Management said it expects the company’s strong performance to continue in FY23.

At the East Coast Mining Conference last month, Werner delivered an investor presentation.

Investors heard that Nickel Industries is currently producing some of the lowest-cost and most profitable nickel units in the global market.

The nickel pig iron producer has recently diversified into the ‘Class 1’ nickel electric vehicle (EV) battery supply chain by converting some of its current production into nickel matte.

In January, Nickel Industries announced a $673 million capital raise to buy a stake in two nickel projects as part of its EV battery supply chain strategic framework agreement with its major shareholder, Shanghai Decent.

Nickel Industries share price snapshot

Since its initial public offering (IPO) in 2018, this ASX 200 nickel share has risen by more than 240%.

It’s been a rough road over the past 12 months though.

The share price has tumbled from an all-time peak of $1.79 in March 2022 to under $1 today.

The company has a price-to-earnings (P/E) ratio of just over 10 times.

The post Which ASX 200 nickel share boss just bought $1.9 million worth of shares? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen 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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