Grab (GRAB.US) shares soared, and the CEO increased his holdings by nearly 30 million US dollars to release a signal of internal optimism

The Zhitong Finance App learned that the stock price of Grab (GRAB.US) surged about 9% to around $3.18 on Tuesday. Earlier, the company's executives revealed a new batch of company stock purchase transactions, making outsiders look to the confidence of insiders — since this year, this stock has still declined significantly. CEO Anthony Ping Yeow Tan bought 10.35 million Class A common shares for approximately $29.9 million and paid a weighted average price of $2.8866 per share, according to a recent SEC filing. According to the declaration documents, these purchases were made up of multiple transactions, and the price range was $2.83 to $2.91. Its CEO currently beneficially holds 10.78 million shares.

Buyouts aren't limited to CEOs. President and COO Alexander Charles Hungate also bought 299,571 shares for approximately $867,000, at a weighted average price of $2.8936 per share. He traded in the price range of $2.87 to $2.91, increasing his beneficial holdings to 6.41 million shares.

Grab had a tough year before this insider purchase. Despite Tuesday's sharp rise, the stock is still down 38.18% year to date, with the S&P 500 up 13.43% over the same period.

For investors, the key is not just the 9% jump on Tuesday, but whether this rare insider purchase can be a turning point for a stock that has outperformed the market by a large margin this year.