The Flight Centre Travel Group Ltd (ASX: FLT) share price is edging higher this morning.
Thatâs despite news that a couple of the companyâs founders have been selling down their holdings.
At the time of writing, the travel agentâs shares are up 0.5% to $21.50.
Flight Centre share price higher despite founder sales
According to the release, Flight Centre co-founders Geoff Harris and Bill James have been selling shares on-market recently.
In respect to the former, Geoff Harrisâ Gehar entity has been selling hundreds of thousands of Flight Centre shares since the beginning of March. This includes the sale of 200,000 shares on 28 April for a total consideration of approximately $3.9 million.
It has been a similar story for James Management Services, owned by Bill James. The co-founder has been selling approximately 25,000 shares almost every week since early in February, receiving in the region of $460,000 to $490,000 with each sale.
On a positive note, the company confirmed that fellow co-founder and current CEO, Geoff Turner, has not been selling shares.
The company also highlights that the two selling co-founders have not been involved with the “companyâs day-to-day activities since resigning from the companyâs Board of Directors more than 20 years ago.” In other words, this shouldnât be interpreted as an insider selling event.
Should you be buying or selling shares?
Analysts at Morgans are unlikely to agree with the two co-foundersâ decision to sell Flight Centre shares.
Earlier this month, the broker upgraded the companyâs shares to an add rating with a $26.25 price target. This suggests potential upside of 22% for investors from current levels. It is also a sizeable premium to what Flight Centreâs co-founders have received for their shares.
The post Flight Centre shares rise despite co-founder sales appeared first on The Motley Fool Australia.
Should you invest $1,000 in Flight Centre Travel Group Limited right now?
Before you consider Flight Centre Travel Group Limited, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Flight Centre Travel Group Limited wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
See The 5 Stocks
*Returns as of April 3 2023
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Here are the 10 most shorted ASX shares
- Flight Centre shares are trading around 52-week highs. Too late to buy?
- 2 ASX 200 travel stocks (not Qantas!) just upgraded by Citi
- The Flight Centre share price just rocketed to a new 52-week high. Hereâs why
- Which ASX 200 travel share has already taken off by 48% in 2023?
Motley Fool contributor James Mickleboro 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 recommended Flight Centre Travel Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/rVdG0pM
Stock Pick 