Eagle Bulk Shipping chief executive Gary Vogel began buying up shares of the company fast on the heels of its 1-for-7 reverse shares spit on Tuesday, and kept it up for the next two days.
When the dust cleared, Vogel had spent nearly $160,000 on 9,000 shares of Eagle stock, which has been on the rise the past two days after initial losses accompanying the reverse split.
Vogel snapped up 5,000 shares on Tuesday at an average $17.53 each, 2,800 on Wednesday at $17.82 and 1,200 Thursday at $18.76.
The buys leave him with 155,837 shares that were worth about $3.1m at Thursday's close of $19.73, which was an 8.2% gain on the day.
As TradeWinds has reported, Eagle's stock opened at $17.65 following the split, down from a previous close of $18.27 when adjusted for share count.
The stock dropped further in Tuesday trading, closing down nearly 5%.
But the share bounced back the next two days, clawing back 5% on Wednesday before Thursday's gains.
Eagle said it carried out the split in order for the stock to be more accessible to a wider investor base.
While it had traded above $2 per share prior to the split and was in no danger of facing a stock-exchange delisting, the lower price made it more difficult for many investors to own, including certain institutional funds.
However, Eagle accepted a downside in seeing its share count decline from 77.1m to 11m, reducing trading liquidity for a stock that had not been especially liquid to begin with.
