Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Oracle Power (LON: ORCP) shares are rising Friday after the company released details about director share purchases.
The company said the shares were purchased as part of its MAR compliant Director Share Purchase Plan. The plan, which was announced in August.
The plan has seen each director instruct the company to direct 10% of net monthly salary/fees to an appointed broker to automatically make market purchases of shares in Oracle each month. The Director Purchase Plan will be in place for 12 months.
Non-executive chairman, Mark Steed, purchased 32,068 shares, non-executive directors Andreas Migge and David Hutchins acquired 18,360 and 35,633 shares, respectively, while CEO Naheed Memon purchased 281,299 shares.
All of the shares were purchased at a price of 0.43p. CEO Memon has been the biggest insider purchaser of Oracle shares in the past year, suggesting that she is optimistic about the company's future.
Oracle Power's stock price rose to a high of 0.45p following the update. However, its shares are down on the year, continuously falling from the heights it saw at the end of 2019 when its stock price reached an intraday peak of 1.795p.
Oracle Power shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are ORCP shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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