3P Learning has found some friends recently. Insiders were first, with Chairman Sam Weiss and non-executive director Roger Amos sporadically buying throughout March and April. An encouraging sign in the lead up to the full-year result. The institutions came next with two new funds (Wilson Asset Management and Australian Ethical) becoming substantial shareholders.
More buying enthusiasm for 3P Learning has meant a higher price. We tend to give smaller companies a bit more wiggle room above our buy price because their share prices can bounce around a lot. But with 3P Learning now 12% above our buy price, we're downgrading to HOLD.