The chief financial officer of Auction Technology Group has sold £1.2mn of stock, ahead of his departure early next year. Tom Hargreaves disposed of 230,000 shares on November 28 at 510p each, reducing his stake in the FTSE 250 online platform by more than a fifth. According to a company statement, the sale was for “personal financial purposes” and left Hargreaves in possession of 816,700 ordinary shares. This is not the first time he has made a hefty disposal. In May 2023, he sold £1.
However, end markets remain “uncertain” and analysts at Investec argue “a range of fears around cyclical trends, investment levels and the structural position of ATG in the industry” are depressing the company’s valuation. It currently trades on a forward price/earnings ratio of 17 times, half its five-year average. The broker said the latest results provide “more clarity on the direction of travel on all these fronts”, however, ushering in the possibility of a re-rating.