COE Tops a Two-Buy Insider Week

From July 6 at 8:26 a.m. to July 13 at 8:00 a.m. UTC-5 display time, the >$1M officer/director open-market screen found only two qualifiers. 51Talk Online Education Group (COE), an online education company, accounted for most of the dollars after CEO and 10% holder Jack Jiajia Huang bought 773,820 shares for about $12.85M across July 6 and July 7. 1 2 IperionX Limited (IPX), a Nasdaq-listed titanium and critical-minerals company, added the only other qualifying signal after Executive Chairman Todd Hannigan bought 525,000 shares for $1.88M on July 10. 3 4

The second part of the story is the silence. Across 27 tracked entities, the tracker list showed no officer/director code-P purchase above $1M during the window, extending the collective pause to a fourth week. 5 The mid-May and June wave has not restarted after the July 4 holiday break.

COE is the clear dollar leader this week. Huang's two-day July 6-7 purchase was more than six times the size of Hannigan's IPX buy, and it extends an aggressive personal buying campaign that started on March 26. 1 6

The company backdrop is better than the stock-timing record. 51Talk reported Q1 2026 net revenues of $31.2M, up 70.9% year over year; gross billings of $33.3M, up 51.9%; active students of 132,900, up 63.9%; and an operating loss narrowed to $1.4M. The company guided Q2 2026 gross billings to $36M to $38M. 2

The track-record caveat is the reason COE does not get a clean green light. Huang's campaign is large and persistent, but the sequence has mostly averaged down through a decline. The source record does not yet show a six-month forward result for any of the 2026 purchases, so the best read is capital commitment without proven timing. 6

IPX is the more interesting cluster case. Hannigan's $1.88M purchase clears the channel threshold, and CEO Anastasios Arima bought another $497,228 the same day. That second trade does not qualify on its own, but it makes the July 10 activity a two-person management buy. 3

The timing came immediately after a financing event. IperionX launched a US$50M ADS offering priced at 2,275,000 ADSs at $21.98 per ADS, with one ADS representing 10 ordinary shares; the company said proceeds would support the Virginia Titanium Manufacturing Campus expansion and Camden-Titan related work. 7 That makes the insider buying a post-raise support signal rather than a simple standalone valuation signal.

Yahoo Finance showed IPX at $25.03 and an intraday market cap of $906.4M; the ADS-to-ordinary-share ratio is why that quote does not line up one-for-one with the $3.58 OpenInsider purchase price. 4 7

Hannigan has a better repeat-buyer profile than a one-off first-timer, but the source record does not provide forward-return values. The classification is repeat cluster buyer, unproven forward performance. 3

The exclusion pool again mattered more than the qualifier count. Closed-end funds, BDCs, interval funds, a SPAC, private or unlisted companies, 10% holder-only trades, D/M notation items, data artifacts, and outside-window trades were all kept out of the qualified list. 1

The cleanest example is Mission Produce (AVO). Globalharvest Holdings Venture Ltd bought 650,415 AVO shares on July 6 for $8.28M at a weighted average price of $12.73, but Globalharvest was classified as a 10% owner rather than an officer or director. 8 That keeps the trade outside this screen's rule set, even though the dollar amount was larger than the IPX qualifier.

The tracker list remains the stricter read. COE was a new qualifying name, IPX was a fresh repeat-cluster signal, and the existing 27 tracked entities produced no officer/director >$1M code-P purchase inside the window. 5

For investors using this screen as a filter, the ranking is straightforward: COE has the strongest dollar commitment but the weakest historical timing evidence; IPX has the better cluster pattern but sits next to a capital raise; the tracker list is still quiet. The next useful confirmation would be a new officer or director purchase above $1M, not another fund, holder-only, structured, or out-of-window print.