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. 12 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. 34

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. 16

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. 47

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.