Evolution stock climbs 8% after CEO Martin Carlesund buys €9m worth of shares
The share price of Evolution has risen more than 8% in today’s trading (26 September) after CEO Martin Carlesund bought a further 126,000 shares in the live casino giant.
The Swede acquired the additional shares through a separate company called Opum LTD at a purchase price of SEK797.91 per share or SEK100.5m overall, the equivalent to €9.2m or $8.9m.
This triggered the share price uptick, as inside buys from key execs are often viewed bullishly by external investors as a major vote of confidence in the company.
Key members of Carlesund’s senior management team also made a play for Evolution stock.Chief product officer (CPO) Todd Haushalter bought 4,000 shares in Evolution on the same day for a price of SEK783 per share, or SEK3.1m overall (€280,000).
The news was well received by Evolution shareholders after a 33.3% dip in the share price for the year-to-date.
Using the latest shareholding figures on the Evolution website, Carlesund and Haushalter now own 710,923 and 96,300 shares respectively.
For comparison, the largest individual shareholder in Evolution remains British billionaire businessman and property developer Richard Livingstone, with 9,121,997 shares and 4.2% of capital and votes in the company.
American financial giant Capital Group is still the single largest shareholder in Evolution, with almost 35 million shares and 16.1% of votes in the company. The LA-based fund boasts more than $2.6 trillion in assets under management.