Despite releasing record results on 12th July, the market was not impressed with Adtran Inc. CEO, Tom Stanton, stated “Our Company had an outstanding quarter reaching new highs on multiple fronts”. The company which is involved in telecommunications networking, reported a 23% year on year increase of sales. Despite this the market dropped sharply from $40 down to $35. One director who took the opportunity to purchase at the low price was Balan Nair. Mr Nair, is a Non-executive at Adtran, but his main job is as Chief Technology Officer at Liberty Global. It was on the 16th that the director exercised shares worth $65k at $0, selling $27k to cover the tax.
In Adtran, Mr Nair almost doubled his holding with his first trade since joining the company. He invested $70k in the company at $35.2, saving himself close to $10k on the pre results price. So far he is the only director to do so.
Directors at EDB Ergogroup have been doing their best to back their company over the past two years, despite an ever declining share price. The latest was Nicklas Ekblad, who heads up the company’s activities in Sweden. The director doubled his holding, purchasing 17k shares at NOK 13.07, investing close to €30k. The IT groups directors as a whole have shown good insight in their trades, since 2009 they have bought 162,539 shares at an average of NOK14.6527. They have then sold 74,025 at NOK22.585.
Chief Executive Officer, Terje Mjos, also invested in July. The trade of €80k shares takes his total 2011 investment to €110k. His first trade took place at NOK15.5, while July’s trade came at NOK12.59. Neither trade has inspired much confidence in the company and prices continued their five march downwards from highs of NOK56 in 2007.