When a company insider invests more than $300,000 into any ASX share, it's usually enough to get investors talking. ASX investors love to see company insiders, directors, board members and CEOs put their money where their mouths are. But particularly so when it's an amount of this magnitude. So let's dive into the ASX travel stock that's seen this massive insider buy this week.
The ASX travel share in question is none other than the national carrier, Qantas Airways Ltd (ASX: QAN).
Over the past few months, Qantas shares have, excuse the pun, been flying high. This ASX travel stock is up a chunky 16.35% over the past month alone. It also remains up a whopping 25.6% over 2024 to date.
Investors have been stepping on the gas and bidding Qantas shares even higher ever since the travel share revealed its latest earnings last week.
As we covered at the time, these earnings saw Qantas reveal a 10.7% rise in revenues to $21.9 billion for the 2024 financial year. As well as a $400 million share buyback program. However, the airline also reported a 16% drop in underlying profits before tax to $2.08 billion.
Even so, shareholders were clearly delighted and sent the Qantas share price up significantly.
But this post-earnings share price gain hasn't stopped one director from making a huge investment in the ASX travel stock.
Image source: Getty Images
ASX travel stock director buys up big
According to an ASX filing posted this morning, Qantas director Dr Nora Scheinkestel acquired 47,000 Qantas shares yesterday, 2 September. Scheinkestel paid an average price of $6.84 per share for this on-market purchase. That implies a total cost of $321,461 for this ASX travel stock purchase.
The purchase was made for Scheinkestel's superannuation fund. Scheinkestel has been a Qantas board member since March of this year when she was appointed to the post of independent non-executive director.
Before this week's buy, Scheinkestel had 9,058 Qantas shares to her name, held directly. That parcel is valued at just under $61,000 at the current Qantas share price of $6.72 (at the time of writing).
As you might gather from the above statistic, Scheinkestel would be nursing a bit of a loss from yesterday's purchase already. That's given that Qantas shares are down a hefty 2.18% today thus far.
Still, there's little doubt that shareholders of this ASX travel stock will appreciate this investment from such a senior member of Qantas' management team. At a time when the company has already seen stellar gains, no less.
