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Why The Ardent Leisure (ASX:ALG) Share Price Is Going Nuts

Jaz Harrison
Jaz Harrison
Jaz Harrison

Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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The Ardent Leisure (ASX: ALG) share price is one of the top performers today, it’s up 16%.

Ardent Leisure Group is an operator of leisure and entertainment assets across Australia, New Zealand and the United States. It operates the theme park Dreamworld on the Gold Coast where four people tragically died on one of its rides in 2016.

Why Is The Ardent Share Price Jumping?

According to reporting by the Australian Financial Review, a large investor has bought 4% of the company at a price 20% higher than where the shares were previously trading.

The trade at $1.20 per share supposedly was handled by UBS and was worth a total of almost $23 million shares.

Who knows why the trade was done at such a large price? Perhaps the buyer will soon be launching a takeover bid? Or maybe an investor simply wanted a piece of Ardent Leisure this week no matter how much it had to pay.

At this higher price I don’t think the Ardent Leisure share price is a buy, but it will be interesting to see if anything happens with this mystery buyer.

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