The Appen Ltd (ASX: APX) share price is pushing higher on Wednesday.
At the time of writing, the ASX 300 artificial intelligence data services companyâs shares are up almost 2% to $2.77.
This is despite the S&P ASX All Technology index dropping into the red today after a poor night for tech stocks on Wall Street.
Why is this ASX 300 tech share rising?
Investors have been buying this ASX 300 tech share on Wednesday after it announced further insider buying.
Insider buying is often seen as a bullish signal. Thatâs because nobody knows a company better than its management team and board of directors.
So, if they are investing their hard-earned money into the companyâs shares, they must have confidence that its shares are worth more than the marketâs current valuation of them.
And with the Appen share price down over 60% since this time last year, it seems that they believe this is the case with this ASX 300 share.
Who is buying Appen shares?
Last week, a change of director’s interest notice revealed that non-executive director, Stuart Davis, picked up 49,000 Appen shares through an on-market trade.
Davis paid an average of $2.53 per share, which equates to a total consideration of just under $124,000.
Hot on the heels of this purchase, the company revealed this morning that another director has been buying shares.
According to the notice, Ms Vanessa Liu bought 17,600 shares through an on-market trade on Monday. She paid an average of $2.73 per share, which equates to a total consideration of just over $48,000.
Time will tell if these are profitable investments for the directors. But with this ASX 300 share currently fetching $2.77, they are both in the black already.
The post This beaten-up ASX 300 tech share is down 60% in a year, and directors are buying it up appeared first on The Motley Fool Australia.
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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 positions in and has recommended Appen. 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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