Some directors of companies in the S&P/ASX 200 Index (ASX: XJO) have been busy selling shares this week.

It can be worth monitoring the activity of company insiders. After all, they should have better insights than the rest of us about the company’s prospects.

But ultimately, director sales come in different shapes and sizes and there are many reasons why directors sell shares. So, I’d be using this information as just another piece of a much larger puzzle.

Let’s check out three ASX 200 shares that have seen director selling this week.

Computershare Limited (ASX: CPU)

According to an ASX release yesterday, CEO Stuart Irving offloaded a total of 238,506 Computershare shares on market between 2 September and 5 September. These shares were sold for total consideration of $5.8 million, implying an average selling price of $24.22. 

This could be putting downwards pressure on the Computershare share price today. Shares have slid 0.9% at the time of writing to $24.52.

According to the release, the sale was, in part, to satisfy withholding tax obligations arising from the vesting of shares through the company’s employee incentive plans. The release further noted that Irving sold additional shares to fund a home purchase in the UK.

Irving retains 132,580 Computershare shares, currently worth around $3.3 million, and a further 653,000 performance and share appreciation rights.

Carsales.com Ltd (ASX: CAR)

Carsales has seen two changes in director’s interest notices come through today relating to separate directors. While the ASX 200 is climbing 0.3%, the Carsales share price is driving 0.4% lower at the time of writing to $22.01.

First up, alternate non-executive director Steven Kloss offloaded 47,248 Carsales shares on the market on 2 September, pocketing $1.1 million in the process. No reasons were provided for the sale but its size is dwarfed by Kloss’ remaining shareholding. He still holds 2.8 million shares in the company, worth around $62 million at current prices.

Non-executive director Walter Pisciotta has also been pressing the sell button, cashing in on 250,000 shares to the tune of $5.5 million. The sales were completed on the market at an average Carsales share price of $22.14. Similarly to Kloss, there was no explanation for the sale. But as the company’s founding chair, Pisciotta still holds a monstrous 8.3 million Carsales shares, currently valued at roughly $183 million.

Allkem Ltd (ASX: AKE)

Director selling has continued for this ASX lithium share this week. Last week, we discovered that non-executive director Richard Seville had a $20 million payday, offloading 1.5 million shares.

This week, we’ve seen three changes in directors’ interest notices at Allkem.

On Monday, it was revealed that non-executive chair Martin Rowley sold 76,038 shares on market, scooping up just over $1 million. Then, news came through yesterday that Rowley had sold a further 149,459 Allkem shares, pocketing an additional $2.1 million. No reasons were provided for either of these sales. But Rowley remains a notable shareholder, holding 2.6 million Allkem shares worth $40 million based on current prices.

During the week, we also learned that managing director and CEO Martin Solay had joined the selling party, unloading 190,148 Allkem shares on the market. The ASX release said the proceeds would go towards meeting tax obligations from the vesting of performance rights. Solay continues to hold 152,818 ordinary shares, valued at around $2.3 million, and a further 770,507 unlisted performance rights.

Despite these insider sales, the Allkem share price has jumped 16% this week, extending what’s been a booming year for this ASX 200 lithium share.

The post 3 ASX 200 directors who have been selling shares in their companies this week appeared first on The Motley Fool Australia.

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• 5 ASX 200 lithium shares with the lowest levels of debt
• Up 30% in a month, has the Allkem share price run its course?
• Here are the top 10 ASX 200 shares today
• 4 ASX lithium shares hitting all-time highs on Thursday
• Why is the Lake Resources share price leaping 10% on Thursday?

Motley Fool contributor Cathryn Goh 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 carsales.com Limited. 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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The PointsBet Holdings Ltd (ASX: PBH) share price is shooting 4.4% higher today.

The surge comes after the company announced an update on its wholly-owned subsidiary, PointsBet Maryland.

At the time of writing, shares in the sports betting company are trading at $2.36. They notched an intraday high of $2.42 in earlier trade this morning.

PointsBet take first bet in Maryland

Investors are bidding up the PointsBet share price today after digesting the company’s positive news.

In today’s release, PointsBet advised it has taken its first retail sportsbook bet in Maryland, United States.

The company said Maryland Governor Larry Hogan signed legislation to allow online and retail sports betting in the state in May 2021.

PointsBet quickly jumped on the opportunity, announcing the following month that it had secured online and retail market access in Maryland.

The company achieved this through partnering with the ‘Riverboat on the Potomac’, a licensed satellite simulcast facility for horseracing and minority-owned small business.

This move marks PointsBet’s 12th sportsbook operation in the United States. The company now operates in the states of New Jersey, Iowa, Indiana, Illinois, Colorado, Michigan, West Virginia, Virginia, New York, Pennsylvania and Kansas.

It expects to launch its online sportsbook operations in Maryland early in the third quarter of FY23.

PointsBet US CE) Johnny Aitken welcomed the news, saying:

We are thrilled to be live in Maryland ahead of the commencement of the NFL season.

The first bet was taken on the Buffalo Bills, and we look forward to showcasing our product to the passionate, sports-loving community of Maryland.

PointsBet share price snapshot

Despite roaring higher today, the PointsBet share price has tumbled by 75% over the last 12 months.

The company’s shares touched a three-month low of $2.13 earlier this week.

Based on today’s price, PointsBet commands a market capitalisation of approximately $719 million.

The post The PointsBet share price is roaring higher today. Here’s why appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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 Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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The Temple & Webster Group Ltd (ASX: TPW) share price is having a positive finish to the week.

In early afternoon trade, the online homewares and furniture retailer’s shares are up over 3% to $5.75.

Why is the Temple & Webster share price pushing higher?

Investors have been buying the company’s shares on Friday after it was the subject of a bullish broker note out of Goldman Sachs.

According to the note, the broker has initiated coverage on the ecommerce company with a buy rating and $7.55 price target.

Based on the current Temple & Webster share price, this implies potential upside of 31% for investors over the next 12 months.

What did the broker say?

Goldman is bullish on the Temple & Webster share price due to the company’s “material runway for long-term growth.” This is being underpinned by the shift online, which is still in its infancy for the category compared to other key markets. The broker explained:

Temple and Webster is the largest pure-play online home retailer in Australia: we estimate it has 12.4% market share of the online homewares/home furnishings market, with 61% brand awareness (according to the company). We believe the business has a material runway for long-term growth, supported by a large and growing TAM driven by increasing e-commerce penetration which still lags other comparable markets (Aus 16% vs. UK/US 28%/25%), even after a large pull forward in online sales over the last 2-3 years. The significant scale that TPW has achieved, its superior digital capabilities, and data-driven approach to customer acquisition and retention position it well to continue to scale online.

Goldman also believes that the company is well-placed for growth despite the current challenging economic environment. It suggested that Temple & Webster “can deliver long term structural growth, despite a slowdown in the near term macro environment.”

In addition, the broker highlights that this side of the retail market has higher barriers to entry, which bodes well for the company.

[I]n our view TPW is best placed to be a winner in a category that favours scale players, requires a specialised approach to e-commerce, and has higher barriers to entry vs. other retail categories.

All in all, Goldman believes this positive outlook makes the Temple & Webster share price great value at the current level.

The post ‘Material runway’: Goldman Sachs says Temple & Webster share price is a buy appeared first on The Motley Fool Australia.

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• Could these devastated ASX shares make a roaring comeback?

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 Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Amazon (NASDAQ: AMZN) and Shopify (NYSE: SHOP) are leading players in the online-retail industry, and both companies have also seen substantial share price declines across 2022’s turbulent trading. Which of these e-commerce stocks is the better buy at today’s prices? Read on to see why two Motley Fool contributors disagree on which company you should put your money behind. 

Amazon has incredible competitive advantages

Parkev Tatevosian: Amazon has expanded from a tiny online book retailer to the everything store it is today. The company has made this leap with its focus on the customer experience. With every step in its progress, Amazon has worked to improve the customer value proposition. 

This wasn’t an easy task. It required years of experience and billions of dollars of investments in warehouses, logistics, web servers, and more. The effectiveness of those capital investments has helped Amazon grow from $107 billion in sales in 2015 to $470 billion in 2021. 

Moreover, the massive capital investment makes it difficult for any competitor to encroach on its business. Amazon can offer free two-day shipping to Prime members for millions of items on its platform, and even next-day shipping in select cities. When people consider buying something online, the delivery window is a significant selling point. Therefore, Amazon’s lead in this arena is a competitive advantage that could serve it well for years.

As Amazon’s revenue grows, it leverages its fixed costs across a broader sales base. In other words, Amazon’s business model demonstrates economies of scale. Between 2015 and 2021, Amazon’s operating profit margin grew from 2.1% to 5.3%.  

Of course, Amazon faces headwinds in the near term as consumers decrease online spending and look to spend money on away-from-home experiences they missed out on during the earlier stages of the pandemic. However, online spending as a percentage of overall spending is forecast to continue rising over the next several years.

That longer-run trend is unlikely to reverse because of the fundamental advantages e-commerce offers. Amazon, the largest e-commerce retailer, benefits from that trend.

Shopify’s beaten-down stock has huge potential upside

Keith Noonan: Amazon’s massive scale and infrastructure advantages probably make it more protected from competition compared to Shopify and its merchant-platform services model. The tech giant’s hugely successful cloud services business also looks poised for more strong growth over the long term. I wouldn’t have any qualms with anyone stating that Amazon is the better company, but I also think there’s a strong case that Shopify is the better stock and offers a more attractive risk-reward profile at current prices. 

Shopify has admittedly seen growth slow dramatically as it’s lapped periods of blockbuster performance and seen pandemic-related demand tailwinds recede. After posting 57% year-over-year sales growth in the second quarter of 2021, Shopify’s Q2 revenue growth came in at just 16% this year.

Despite the substantial deceleration, the company still has plenty of room for long-term sales and earnings expansion as it attracts new merchant partners, paves the way for increased spending from those already using its services, and builds out supply chain management and fulfillment services that increase the value of its platform.

Shopify’s share price is down roughly 78% year to date and 83% from the lifetime high that it hit last November, and the big sell-off has presented an attractive buying opportunity. 

SHOP data by YCharts

Amazon stock has been punished in response to bearish shifts in the broader market and slowdown sin the e-commerce space as well, and I expect that it will eventually bounce back and go on to reach new highs.

Still, Shopify’s pullback looks even more overdone. The company’s market capitalization of roughly $38 billion also represents just a small fraction of Amazon’s $1.3 trillion valuation, and the size difference suggests the smaller company could have an easier time moving the needle and delivering big gains for shareholders. 

So which of these e-commerce companies is the better buy?

If you’re bullish on the long-term outlook for the e-commerce space, investing in both Amazon and Shopify could be the best play. Both companies are leaders in their respective service categories, and both companies are on track to play important roles in driving the growth of the overall online retail market. 

If you’re only interested in owning one of these stocks, go with the one that best suits your risk tolerance and portfolio goals. While both companies have growth-dependent valuations, Amazon’s business is larger, sturdier, and significantly more profitable thanks to its cloud services segment. But for those investors who see promise in Shopify’s business and are willing to take on more risk, the smaller e-commerce player may have the potential to deliver superior returns. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Better buy: Shopify vs. Amazon stock appeared first on The Motley Fool Australia.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Keith Noonan has no position in any of the stocks mentioned. Parkev Tatevosian has positions in Shopify. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Shopify. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2023 $1,140 calls on Shopify and short January 2023 $1,160 calls on Shopify. 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.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Classic Minerals Ltd (ASX: CLZ) share price has more than trebled on Friday on news the company has secured a $10 million funding agreement.

The agreement will see production at the explorer’s flagship Kat Gap gold project kicking off.

Shares in Classic Minerals last traded on 1 September when they closed at 1.6 cents.

Today, the stock notched a massive 287.5% gain, hitting a high of 6.2 cents. The Classic Minerals share price has since settled slightly to trade at 5.9 cents – representing a 268.7% rise.

Let’s take a closer look at today’s news from the ASX gold share.

What’s driving ASX gold share Classic Minerals sky-high?

The share price of ASX gold hopeful Classic Minerals is launching upward on Friday after the company broke a five-session trading halt with transitional news.

It has entered an agreement with Goldvalley Brown Stone that will see Goldvalley provide up to $10 million in non-recourse funding for production at the Kat Gap project in Western Australia. Though, the deal is still subject to several conditions.

The Kat Gap project houses around 90,000 ounces of gold, according to Classic Minerals.

Goldvalley has agreed to fund the extraction and processing of ore from the project in parcels of 100,000 tonnes. Revenue from each parcel will help to fund the next.

The pair have agreed to split the project’s net profits 70% to 30%, with Classic Minerals walking away with the larger share.

The company’s chair John Lester commented on today’s news, saying:

The Kat Gap project has reached an exciting stage with a clear path to mining and processing of gold now laid out.

We have begun the transition from explorer to producer and shareholder patience will be rewarded.

The path ahead

The $10 million will be provided over 12 months. Mining will continue under the arrangement until 500,000 tonnes at a minimum grade of 2.85 grams of gold per tonne has been mined and processed.

Classic Minerals also noted its project management plan should be granted approval any minute now. That will allow operations at Kat Gap to kick off.

Goldvalley managing director Yuzheng Xie also commented on the news driving the Classic Minerals share price today:

Classic has carefully developed a very worthy gold project and coupled with Goldvalley’s expertise in mining and marketing, the project now has the attributes to bring it to fruition.

The post Why did ASX gold share Classic Minerals just explode 290%? 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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The Bitcoin (CRYPTO: BTC) price has edged higher over the past 24 hours.

The world’s original crypto is up 0.5% to US$19,370 (AU$28,562). That leaves Bitcoin down 3.5% over the past week and a hefty 59% lower in 2022.

What’s happening?

Bitcoin was trading for US$24,887 as recently as 15 August. The 21% collapse since then mirrors the 9% drop in the tech-heavy NASDAQ over that same period.

The token, and most every altcoin, has been closely correlated with the movements of risk assets, like high-growth tech shares, throughout 2022. The Bitcoin price moves, both up and down, tend to be significantly larger than what we see on the NASDAQ, as witnessed by the much bigger fall since 15 August.

The past week’s selling pressure has come as investors re-evaluate their holdings amid the outlook for further interest rate rises ahead. The higher rate environment has not proven friendly to cryptos so far.

Sinking Bitcoin price stirs sleeping whales

With Bitcoin falling below the key psychological level of US$20,000, it looks to have stirred some long dormant whales into selling their outsized holdings. And that’s likely putting more downward pressure on the Bitcoin price.

On Wednesday, CryptoQuant CEO Ki Young Ju noted that a Bitcoin whale had moved 15,000 tokens to exchange wallets. At this week’s prices, that works out to some US$290 million.

“8-year-old 15k Bitcoin moved across ten days, and some of them were sent to Kraken,” he tweeted.

Looking at Wednesday’s charts, the Bitcoin price tumbled from US$19,815 to US$18,647 in less than eight hours. Certainly not having a whale of a time.

According to CryptoQuant, it’s often a bearish sign when long dormant, large Bitcoin holders move their tokens to exchanges.

Investors waiting for the token to reclaim its 10 November record highs of US$68,790 may have to be patient.

The post Why the Bitcoin price is not having a ‘whale of a time’ lately appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben 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 Bitcoin. The Motley Fool Australia has positions in and has recommended Bitcoin. 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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The Paladin Energy Ltd (ASX: PDN) share price is off to a solid start on Friday.

At the time of writing, shares in the uranium player are up 2.7% to 95 cents apiece despite no price-sensitive news.

Brokers constructive on Paladin share price

Energy and energy-related shares continue to catch a bid since the market’s bounce in June, helped by a number of macroeconomic crosscurrents.

As seen on the chart above, Paladin comes into the session on Friday having soared more than 25% over the past month of trade, screaming up from lows of 58 cents on 22 June.

Noteworthy is a note from investment bank Macquarie on its outtake for the uranium market looking ahead.

Analysts at the firm reckon that uranium prices will lift another 17% to 21% on top of previous forecasts, now that countries are seeking to shore up alternative energy supplies.

The move has seen the broker lift its price target for Paladin at the same time, noting the company is well positioned to capitalise on these tailwinds.

Paladin is “fully licensed in known uranium jurisdictions” and has a “near-term path to market”, Macquarie says, something that couples well with its outlook for the uranium sector.

“A ramp-up in [uranium] demand is expected with recent news that Japan ordered the development of new nuclear reactors,” it added.

The broker values Paladin at $1.10 after lifting the target on its share price by 22% from previous estimates. That suggests a potential upside of 15.8% on the current share price.

Meanwhile, four out of five firms covering the company rate the Paladin share price a buy right now, according to Refinitiv Eikon data.

The consensus price target is $1.13 from this list, suggesting a small portion of upside to be captured if the group is correct.

In the meantime, the Paladin Energy share price is up around 16% in the past 12 months.

The post Why Macquarie is tipping 15% upside for the Paladin Energy share price appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow 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 Macquarie Group Limited. 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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The A2 Milk Company Ltd (ASX: A2M) share price has come under pressure on Friday.

At the time of writing, the infant formula company’s shares are down 3% to $5.38.

Why is the A2 Milk share price falling?

Investors have been selling down the A2 Milk share price on Friday after the company was the subject of a bearish broker note out of Goldman Sachs.

According to the note, the broker has initiated coverage on the company with a sell rating and $5.80 price target.

Based on the current A2 Milk share price, this still implies potential upside of almost 8% from current levels despite the sell rating.

What did the broker say?

Goldman was pleased with A2 Milk’s performance in FY 2022 and highlights the company’s solid operational execution during the second half.

However, it has warned investors that it could be hard for the company to replicate this in FY 2023 due to a number of challenges. It explained:

Despite solid operational execution in 2H22, we believe this result will be challenging to replicate in FY23 given (1) overall market challenges in the context of a declining birth rate and a shift towards BCD (lower-tier) cities; (2) a step-up in competitive intensity in FY23 resulting in more intensive marketing; and (3) near-term risks around product transition (refreshed EL [English label] product, upcoming new Chinese National Standards (‘GB’) transition impacting CL [Chinese label]) and pending regulatory licenses.

In light of this, the broker is sitting below consensus estimates for earnings.

Our FY23/FY24/FY25 EPS estimates sit 6%/1%/3% below consensus (Bloomberg), which is predominately driven by higher marketing costs as well as caution on near-term sales growth. Our FY23E forecasts are broadly consistent with management guidance (7.9% revenue growth vs. high single-digit growth guided), although our EBITDA margin forecast is in line with FY22 (vs. guidance for marginally ahead) reflective of our view around higher marketing intensity.

The team at Bell Potter don’t appear to agree with this view. Its analysts recently upgraded A2 Milk’s shares to a buy rating with a $6.35 price target. Time will tell which broker makes the right call.

The post Why is the A2 Milk share price tumbling lower toda appeared first on The Motley Fool Australia.

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• Why did the A2 Milk share price smash the market with a 22% gain in August?

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 A2 Milk. 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened 

The crypto market is once again seeing a lot of volatility, but right now the moves have been positive. Investors are moving back into crypto assets broadly, and the big cryptocurrencies are leading the way. 

At 11:40 a.m. ET on Thursday, Bitcoin (CRYPTO: BTC) was up 2% in the last 24 hours, Ethereum (CRYPTO: ETH) was up 6%, and Solana (CRYPTO: SOL) has risen 7.3%. These major tokens have pulled the entire crypto space higher. 

So what 

The theme of the day is regulation, and there were mixed signals for the crypto industry. Securities and Exchange Commissioner (SEC) Chairman Gary Gensler said in a speech this morning that the agency has all of the rules it needs to regulate cryptocurrencies. Gensler reiterated that he thinks “most crypto tokens are investment contracts,” which would indicate that most cryptocurrencies will need to be registered as securities, in his eyes.

Gensler’s comments followed those of Michael Barr, a member of the Federal Reserve Board of Governors who is in charge of regulating U.S. banks. Barr said he’s pushing for congressional action on stablecoins. In his view, stablecoins can present systemic risk, and investors should have transparency around how they work and what they own. This might mean increased scrutiny for cryptocurrencies, but Barr doesn’t seem hostile to the industry.

The push for increased regulatory oversight isn’t surprising, but it’s taking a long time for Congress and federal agencies to finalize rules for the industry. Gensler would like companies like Coinbase Global (NASDAQ: COIN) to register as brokers and have increased disclosures from token operators, whether they’re companies or decentralized organizations. 

In a very surprising move, Coinbase also announced that it is funding a lawsuit brought by six people who are challenging the Treasury Department’s sanction of Tornado Cash open-source smart contracts and its users. This is an aggressive move by Coinbase to push back against regulators who are starting to having an effect on commonly used crypto products.

Coinbase acknowledged that Tornado Cash could have been used by criminals, but that doesn’t mean the code itself or other users of the code should be affected by sanctions. This will take time to play out, but Coinbase is planting a flag on the side of crypto developers. 

Now what 

Every day there seems to be another big move in cryptocurrencies, and today the market is more bullish on the space. While there’s a lot of regulatory uncertainty, I do see a willingness to find regulatory solutions for the industry that will encourage innovation. 

At the same time, it’s interesting that Coinbase, which has tried to be friendly with regulators, is aggressively defending the industry through funding the Tornado Cash lawsuit. That could give it some good public relations within the community, for now. 

I see today’s moves as typical volatility, but investors will want to watch regulators’ actions in the crypto space. Some tokens could eventually become securities, and it’s possible that companies will need to register with the SEC as well. It’s all part of the maturation of crypto as an industry. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why Bitcoin, Ethereum, and Solana were up Thursday morning appeared first on The Motley Fool Australia.

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Travis Hoium has positions in Coinbase Global, Inc., Ethereum, and Solana. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin, Coinbase Global, Inc., Ethereum, and Solana. 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.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Rhythm Biosciences Ltd (ASX: RHY) share price is in the green during morning trade on Friday. This comes after the ASX All Ords company announced that its executive chair has just offloaded $6.5 million worth of his shares.

At the time of writing, the medical device company’s shares are trading at $1.375, up 1.85%.

Rhythm chair sells down his stake

Investors are shrugging off the company’s latest news, sending the Rhythm share price higher today.

According to Rhythm’s release, its executive chair Otto Buttula offloaded $6.5 million worth of shares to a domestic institutional fund manager.

While the buyer’s name wasn’t disclosed, the on-market transaction involved 5,000 Rhythm shares sold at $1.30 apiece.

The exclusive share sale came from the Newfound superannuation fund in which Buttula is one of three members.

Rhythm stated that the primary purpose of the sale is to enhance portfolio diversification and better meet trustee, accounting, and auditor advice.

Prior to the sale, the superannuation fund’s holding in Rhythm represented 95.9% of the total assets of the fund and 98.6% of its ASX listed company exposures.

However, now with the sale completed, the superannuation fund holds roughly 6.1 million Rhythm shares and about 2.1 million options at $1.80 each, expiring July 2024.

This is the first time Buttula has reduced his holdings in the ASX All Ords company since his appointment as chair in October 2019.

He also confirmed there is no intention to sell any further shares for the foreseeable future.

What did the chair of this ASX All Ords company say?

Commenting on the sale, Buttula said:

Whilst there is never a perfect time to reduce exposure to a company that you are immensely proud of being a part of, in this case, the numbers speak for themselves and a holding above 95% in one company exposure, particularly in a retirement fund, with two other members, was problematic and not prudent.

Despite the sale, my associated interests continue to maintain the largest shareholding in the company, maintaining a holding of 10.8% (ex-options). Importantly, I am also delighted to welcome another leading fund manager to the RHY register. The institutional fund manager is one of Australia’s most successful and has conducted a period of due diligence on the prospects of the company.

Rhythm share price snapshot

Over the past 12 months, the Rhythm share price has gained 37% but fallen 11% year-to-date.

The company’s shares reached a 2022 low of $1.01 in June before climbing in the weeks thereafter.

At today’s prices, this ASX All Ords share has a market capitalisation of approximately $292.24 million with around 215.67 million shares on issue.

The post The chair of this ASX All Ords company just sold $6.5 million of shares. What gives? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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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