For shareholders, it’s always refreshing to see key executives buy more shares in the company. In my view, this better aligns the priorities of the shareholders with their own. That’s what happened this morning, as PyroGenesis Canada Inc. (TSX-V:PYR) announced that the CEO, Peter Pascali, increased ownership by 3.225 million shares.
A little bit of background on the company, PyroGenesis is a high-tech company and a world leader in the design, development, manufacture and commercialization of advanced plasma processes and products. They provide services to a number of industries including defense, metallurgical, mining, advanced materials, oil & gas, as well as the environmental industry.
Traders wasted no time this morning to grab some shares as they traded up to $4.25/share (+5.2%) in early trade. This move is coming off a nice rebound after the stock bounced off its 100-day SMA on Monday of this week. The next test will be the 50-day SMA which is currently around the $5.00 level, which the stock crossed below last month.