Colliers International Group Inc CIGI has seen some insider buying while the share price is down following a miss on Q3 earnings, which the company reported on Friday (EPS $0.30 versus estimated $0.56; revenue of $462.1 million versus estimated $466.8 million).
In the days following its earnings report, Colliers' share price has dropped around 12 percent from $39.70 at Thursday’s market close to $34.80 in the following Tuesday’s pre-market.
After the market close on Monday, the company reported that 10-plus percent holder Spruce House Partnership purchased an additional 979,357 shares at an average price of $36.75 million in common equity.
Insider buying can indicate where a company feels points of resistance are in share price, and what action they think it may take.
At the time of writing, shares of Colliers International were trading up 3.02 percent at $35.85.
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