Although diamonds have more or less been the forgotten commodity in the precious metals group, junior miner Peregrine Diamonds has recently grabbed the attention of insiders.
Over the past 30 days, insiders as a group have acquired 163,700 shares through either the public market or option exercises. In terms of buying in the market, Richard Cohen and Roderick Davey bought a combined total of 22,200 shares between Sept. 21-28 at prices ranging from $1.78 to $3.78.
Meanwhile, six insiders, including Mr. Cohen also exercised a combined total of 141,500 options during the period and did not subsequently sell any shares. Multiple insider buying in the public market is usually a positive signal. This combined with multiple insiders exercising options and not selling strengthens the positive Peregrine insider sentiment reading.
Disclaimer: Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. Investments profiled are from a recent edition of the Morning INK report which is distributed daily to subscribers and clients of select financial institutions. INK staff may hold shares in profiled securities.