Millicom International Cellular (TIGO) was Smart Insider's stock pick of the week after the company's director Jules Niel bought 849,021 SDRs on March 14 for $25 million, or 299.06 Swedish kronor ($29.90) apiece.
The purchase is indirect to Atlas, an entity owned by the Niel family that has roughly 42% of the company's stake, Smart Insider said in a note Tuesday.
"Seeing the purchase while the stock is near a multi-year high is interesting," the note added.
The purchase also shows that Niel is not "privy" to material non-public information and is also "likely confident" in Millicom International's prospects, Smart Insider said.
Smart Insider ranked the stock +1, or strong positive signal, on Wednesday.
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