Director buying was seemingly not enough to arrest the slide in Sound Energy PLC’s (LON:SOU) share price.
Two stock market statements on Thursday morning revealed that chief executive James Parsons and Greenberry Plc, a company connected to director Marco Fumagalli, had both increased their respective stakes in Sound.
Greenberry acquired 200,000 shares at a price of 49.58p, taking its total shareholding to 67.2mln shares which is 9.19% of the company. Parsons, meanwhile, bought 53,158 shares price just over 47p. It takes his stake to 1.72mln shares, 0.24%.
It comes in the wake of disappointing exploration results from the Badile exploration well, in Italy, which on Monday triggered a sell-off in the Sound Energy share price.
Sound shares are down almost 40% in the past week, down from around 76p on Friday.
On Thursday, Sound's shares recovered 2.87% to 54.75p in afternoon trading following declines earlier in the session.