Mike Lazaridis may no longer be co-CEO of Research In Motion (RIM), but he still believes in the company. On January 25, he bought over 3.1 million shares in the company at an average price of $15.90. This buying increases his ownership stake to nearly 30 million shares—or 5.7% of the total outstanding.
Last year, Lazaridis was a substantial seller of RIM shares. According to INK Research, he sold over 2 million shares (directly and indirectly held) at prices ranging from $58 to $62.
His recent buying is a big vote of confidence for new CEO Thorsten Heins. “I absolutely know he will take this company to new heights,” Lazaridis said in an interview published in The Record.
Sentiment is very negative on RIM’s stock these days, but the bullishness of some “big hitters” may give pause. Not only does insider Lazaridis remain keen on the company but so does one of Canada’s more astute investors: Fairfax Financial Holdings Ltd. CEO Prem Watsa. He recently increased his positions significantly and now holds a 5.1% stake.