The share price of GBST Holdings has risen 8% today, 11% this week and is now up 29% since GBST: Interim result 2016 on 16 Feb 16 (Buy – $4.08), although it's still some way below our original upgrade in GBST's platform for growth on 30 Mar 15 (Buy – $5.75). When prices move like this it's easy to imagine that someone knows something you don't, but we don't like jumping at – or chasing – shadows.
All we can find in this case is news that long-time director Joakim Sundell has been selling shares – although he still holds $18m worth and his disposals do, in any case, beg questions of the chicken and egg variety. Anyway, with the stock now well past our Buy price, we're downgrading to HOLD.
Disclosure: The author owns shares in GBST.