Shares of high-flying Avigilon (Avigilon Stock Quote, Chart, News: TSX:AVO) may have finally taken a breather, but some closest to the company are betting its just a temporary pause.
Independent directors Murray Tevlin and Wan Jung are buying up shares of the Vancouver-based next-gen security firm, joining the company’s CFO in making recent acquisitions in the public market.
Last Wednesday, August 28th, Jung bought 10,000 shares of Avigilon at $15.25. The same day, Tevlin bought 4000 shares at prices ranging from $15.33 to $15.35. And, on August 15th, Jung picked up 10,000 at $16.22.
Earlier this summer, CFO Brad Bardua bought 5,330 shares in the open market at $16.23.
On August 8th, Avigilon reported its Q2, 2013 results. The company earned $3.4-million on revenue of $39.2-million, a topline that was up 61% over the same period a year prior.
Cantor Fitzgerald analyst Justin Kew, who has a BUY recommendation and $21 target price on Avigilon says the company is trading at a premium to its peers, but deserves that premium because it is growing 50% faster than many of them.
At press time, shares of AVO were down 1.2% to $15.53.
About The Author /
Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
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