Insider Cluster Buying: Bullish Signal for Investment in 3 Firms?

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Corporate insiders, especially top executives, possess the latest insights into a company's performance and prospects. When a CEO or other high-ranking insider buys company shares, it's an indicator that the stock might have potential for growth.

This signal becomes even more significant when multiple high-ranking insiders make similar transactions around the same time, a phenomenon known as cluster buying. Specifically, cluster buying is identified when three or more insider trades occur within a brief window.

Below are three businesses that experienced significant insider buying clusters.


Northland Power Inc. stands as one of Canada's first independent power producers  that has achieved a remarkable growth trajectory. With its headquarters in Toronto, Canada, the company has expanded its presence to eight countries worldwide.  Northland currently has a market capitalization of around CAD 5.6 billion.

Our data shows that on September 29, three insiders at Northland Power bought stock. Those who bought shares were:

  • President & CEO Mike Crawley (20,000 NPI shares)

  • Chief Legal Officer Yonni Fushman (2,000 NPI shares)

  • Board member Eckhardt Ruemmler(545 NPI shares)

This cluster cost the insiders about CAD 499,303 in total.

Two of the three insiders increased their holding percentages in Northland. President / CEO Mike Crawley, for example, boosted his holding in the company by around 28%. This indicates that insiders are quite optimistic about the stock’s future performance. In addition, Northland Power's recent $5.0 billion credit agreement for the Hai Long Offshore Wind Project underscores the firm's expansive growth strategy in Asia. This major move, aligned with the notable cluster buying by insiders, hints at a bullish sentiment for the company's future trajectory.


Based in Vancouver, British Columbia, Gatos Silver is a precious metals production and exploration company primarily focused on silver. Gatos District covers approximately 103,000 hectares and includes 14 currently known zones of mineralization. The company is listed on the New York Stock Exchange with a market capitalization of $358.2 million.

According to our data, between September 12 and September 28, four insiders made purchases. Those who bought shares were:

  • President & CEO Dale Andres (125,000 GATO shares)

  • Senior Vice President Anthony Scott (22,000 GATO shares)

  • Chief Compliance Officer Stephen Bodley (10,000 GATO shares)

  • Vice President James Woeller (10,000 GATO shares)

Combined, these insiders spend a total of $822,915 on GATO shares.

All members of this cluster were top-level executives, and have decades of experience in the resource and mining industry which suggests they are likely to be knowledgeable about the company’s prospects and can see opportunities for growth. 

Furthermore, the company reported a robust 2% growth in revenue to $58.3 million and a significant 29% surge in EBITDA to $27.5 million. Despite a decline in silver production, the firm managed to elevate its free cash flow by 1% to $19.7 million. This solid financial performance, combined with recent cluster insider buying, signals a bullish sentiment and a strong belief in the company's future prospects.


Oxford Biomedica Ltd stands as a beacon in cell and gene therapies with over 25 years of expertise. With a prowess in plasmid design to CGMP manufacturing and mastery over lentivirus and AAV vectors, they are the trusted backbone for top-tier biotech and pharma entities. It is listed on the London Stock Exchange with a market capitalization of £297.0 million.

Our data shows that Between September 20 and September 26, a total of 12 insiders at OXB made purchases of the company's stock. Notably among them were:

  • COO Nick Page (11,678 OXB shares)

  • CFO Stuart Paynter (4,030 OXB shares)

  • CEO Frank Mathias (20,000 OXB shares)

  • Chairman Roch Doliveux (36,130 OXB shares)

The Twelve insiders involved with this cluster have amassed a significant stock portfolio, spending around £290,000 on OXB shares, indicating that they are highly confident in the stock's upward trajectory.

In recent strategic moves, Oxford Biomedica expanded its EU presence by acquiring ABL Europe's facilities, backed by a £12.9 million deal including significant funding from Institut Mérieux. Additionally, Institut Mérieux also plans to invest further, targeting a 10% stake in Oxford Biomedica. This move, combined with cluster buying, underlines the company's strategic vision and boosts investor confidence.

Read more cluster buying reports on the 2iQ blog.