Phoenix Group Holdings PLC (LON: PHNX) shares edged higher today, driven by positive investor sentiment and insider share purchases.
The markets reacted positively to news that the company’s CEO, Andy Briggs, had bought 63,300 shares worth $554,000.
The above purchase shows that the CEO has significant faith in the long-term savings and investment company, despite its shares being down 8.96% YTD.
Phoenix Group’s last major announcement was about purchasing a portfolio of equity release mortgages valued at £300 million on September 2, 2021.
However, the investment fund’s shares are still trading at lows, last seen in late June 2020, falling from its November 2020 highs above 800p. It seems like investors are waiting for more important news before jumping in and buying the firm’s shares.
Aggressive investors may choose to jump in now along with the CEO at the current price, given that Phoenix Group shares appear to have stabilised and are currently trading sideways, which could be a precursor to a more significant rally.
*This is not investment advice.
Phoenix Group share price.
Phoenix Group shares edged higher today, driven by positive investor sentiment.
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