Why are investors chomping at the bit to buy DevEx shares lately? We take a closer look
The post How is the DevEx (ASX:DEV) share price climbing 42% so far this week? appeared first on The Motley Fool Australia. –
The DevEx Resources Ltd (ASX: DEV) share price has been on a roll so far this week. In specific terms, the mineral exploration company has gained an astounding 41% since Friday’s close.
At the time of writing, shares in DevEx Resources are being exchanged for 78 cents apiece, up 14.7% today.
Despite the significant surge in DevEx’s value, there have been no price-sensitive announcements released during this time. However, two major events have recently taken place that might have investors paying closer attention.
What’s going on with the DevEx share price?
The impressive and sudden DevEx share price appreciation began on Monday, with the company’s shares rising by around 23%. Yet, the company did not publish any news on the first day of the week. However, that didn’t stop more than 4.6 million shares from being traded in the minerals explorer on that day — its third-largest day of volume so far this month.
Yesterday, DevEx held its annual general meeting (AGM) where the company’s chair, Tim Goyder, discussed the potential laying ahead. Bolstering shareholder confidence, Goyder inferred that the company is only just getting started on its growth path.
Regarding DevEx’s uranium ambitions, Goyder stated:
Given the rapidly changing dynamics in the uranium sector, I believe that our uranium exploration strategy has the potential to deliver significant value for shareholders in the coming 12 months.
Additionally, recent insider transactions carried out by the DevEx directors could be attracting increased investor interest, pushing the DevEx share price higher. According to the notices, most of the transactions carried out since 10 November have been as a result of the exercise of options. Although, two buy transactions by Goyder worth a total of around $335,000 were on-market trades.
In total between 10 and 18 November, more than $1.1 million worth of shares in DevEx were purchased by directors. Potentially outside investors are viewing this as a vote of confidence in the ASX-listed exploration company.
The DevEx share price has gained a mind-blowing 237% since the start of the year.
The post How is the DevEx (ASX:DEV) share price climbing 42% so far this week? appeared first on The Motley Fool Australia.
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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.