NetEnt AB yesterday announced a recommended bid from Evolution Gaming. The shares are up 65% since we positively rated the stock on the 29th of May on aggressive director buying. This is what we said:
Henrik Fagerlund (Regional Managing Director) purchased 1.1 million shares on May 29th at SEK 43.10, spending €4.6 million. This is Fagerlund’s largest purchase by a wide margin, and follows purchases of 10,000 shares in February at SEK 29 and 11,250 shares in April at SEK 31. It is interesting to see this large, aggressive purchase from Fagerlund, at a higher price point than those recent buys. From late April till early May there were more modest purchases from the CEO (€120,000), Chairman (€93,000) and two other directors. We are ranking the stock +1.