ALTN reports insider transaction worth Rs 40m

In a notification sent to the PSX on 27/05/2024, Altern Energy Limited (ALTN) reported a transaction by the non-executive director.

The transaction was carried out by Mr. Shah Muhammad Ch., who is a non-executive director.

He sold a total of 155,000 shares of the company at a price of Rs. 25.95 per share. The total amount for this transaction stands at Rs. 4,023,350.

An insider buying stock in a company is often interpreted as a positive signal by investors. It suggests that those with intimate knowledge of the company’s operations and prospects believe the stock is undervalued or poised for growth, leading to a positive impact on the stock price.

ALTN shares were last trading at Rs. 23.70 today.