Vanessa Colomar, non-executive director of cyber-security firm Darktrace (DARK) sold shares worth over £9 million, during a three-day period in early November.

Founded in 2013, Darktrace uses artificial intelligence to identify intruders, attempting to gain access to computer networks. The share price has nearly quadrupled since its £1.7 billion listing in May.

The share price has come under pressure recently due to the end of the lock up period, that has enabled early investors to sell. In early November UK private equity firm Vitruvian Partners sold 11 million shares via a placing.

Moreover broker Peel Hunt has published a series of research notes suggesting that investors are overstating the potential size of its addressable market, whilst underestimating the threat posed from competitors.

The share price has fallen 40% over the last month, from 970p, to today’s price of 589p. Vanessa Colmar share disposals were at a variety of prices ranging from 616p to 639p.

BUYING WEAKNESS

Michael de Picciotto, who was appointed to Aston Martin’s (AML) board as non executive director in 2020, acquired £1.74 million of shares on the 5 November.

The purchase was made after a period of weakness in the shares which has seen them fall around 16% over the last six months.

However, recent results announced on 4 November indicated a more encouraging outlook for the group, which appears to be at odds with the recent share price malaise.

Revenues increased 173% to £736.4 million in the first nine months to the end of September.

Moreover, EBITDA (earnings before interest, taxes, depreciation and amortization) jumped to £72.3 million, a marked improvement with the previous loss of £117.6 million.

The company reiterated its 2021 guidance and said it was making excellent progress on its transformation plan.

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Issue Date: 12 Nov 2021