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Morning Report: A bullish signal for NFI Group

March 27, 2026

Canada's morning overview of insider filings with a special focus on companies that may interest active and momentum-oriented investors.

Canadian Company Insider Filing Tally* - Yesterday
Tally Chart
The bar chart shows that yesterday, 24 companies had insider buy filings and 12 companies had insider sell filings.
INK Market-Wide Sentiment Indicator*
The above INK Market-Wide Sentiment Indicator chart shows the indicator starting on March 28, 2025 at 212% and ending on March 26, 2026 at 146%. In that time period, the indicator reached a high of 250% on April 15, 2025 and a low of 119% on March 3, 2026.
INK Market-Wide Sentiment Indicator: 146.0%
INK Sentiment Reading: Fair-Valued
INK Venture Sentiment Reading: Undervalued
*Filing Tally represents Toronto Stock Exchange and Venture companies with public-market transaction SEDI filings of directly-owned equity securities. Indicators represent companies with buy-only transactions divided by companies with sell-only transactions of direct ownership equity securities in the public-market by officers and directors (exclusive of officers and directors of subsidiaries or insiders) filed over the last 60 days. The chart line shows insider sentiment trends by connecting the historic indicator daily readings going back one year. See our market report for commentary on indicator readings.

Overview:Sentiment and Stocks

In this week's Market report, we noted that our Industrials sector indicator suggests that investors may be too pessimistic about the sector's prospects, with the indicator at 262%. The indicator has even advanced to 286% as of Thursday. With that in mind, today we look at bus manufacturer NFI Group (NFI), which produces more than 60 bus models, including battery electric, hydrogen, hybrid, compressed natural gas, and diesel. In 2025, 29.8% of its new vehicle deliveries were zero-emission models, up from 22.8% in 2024. So, NFI Group appears to be relatively insulated, even if higher energy prices shift demand away from diesel models.

On March 11th, NFI Group reported 2025 revenue of $3.61 billion, up from $3.12 billion in 2024. It reported a net loss of $142.1 million ($1.19 per share) for the year versus a loss of $3.3 million ($0.03 per share) in 2024, but it notes that this was impacted by a voluntary battery recall which was realized in Q3 results; Q4 net income was $166 million ($1.39 per share), up from $18.6 million ($0.16 per share). 2025 Adjusted EBITDA was $335.7 million, up from $214.4 million the year before. Importantly, non-IFRS free cash flow was $67.8 million versus negative $17.8 million in 2024. For 2026, NFI Group provided revenue guidance of $3.9 to $4.2 billion, adjusted EBITDA from $370 to $410 million, and capital expenditures from $50 to $60 million. Meanwhile, a pair of insiders spent $351,623 picking up shares this week. It is typically a bullish signal when insider buying is paired with growing free cash flow.

Today's Charts

NFI Group Inc. (NFI)

Price Chart for NFI Group Inc. (NFI) showing insider filings (summarized below)
Chart reflects public-market and option-exercise transactions of common shares (unit trusts) by company officers and directors. USD transactions are converted to Canadian dollars by us using the Bank of Canada noon rate on the transaction date.
From March 23rd to March 24th, a pair of NFI Group (NFI) insiders bought a total of 18,700 common shares in the public market at an average price of $18.81. The largest (and most recent) buyer was Chairman of the Board Colin Robertson who bought 15,000 shares at $18.91. Mr. Robertson is the largest beneficial insider equity holder at the company with 375,000 shares representing 0.31% of shares outstanding.

NFI Group currently holds a mostly sunny INK Edge outlook on the equally weighted V.I.P. criteria of valuations, insider commitment, and price momentum which places it in the top 30% of all stocks ranked. INK outlook categories are designed to identify groups of stocks that have the potential to out or underperform the market. However, any individual stock could surprise on the up or downside. As such, outlook categories are not meant to be stock-specific recommendations. For background on our INK Edge outlook, please visit our FAQ #3 at inkresearch.com.

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Top-10 Tables: Yesterday's Activities

Tables represent public market transactions of directly held equity securities plus purchases and sales of these securities from the exercise of options by company officers and directors filed on or after March 27, 2026. Transactions filed on Saturday and Sunday are aggregated into Friday's number. INK may adjust certain filings for common filing errors on a reasonable efforts basis.

M - Public Market transaction
O - Exercise of Options
Top 10 Net "CO2" Buying
(By dollar amount, 000's)
TypeCompany Name$ Value
M Koryx Copper (KRY)
$357.5
M Aimia (AIM)
$13.7
M Chemtrade Log Inc Fnd (CHE)
$3.2
M Carrier Connect Data (CCDS)
$2.4
M Scottie Resources (SCOT)
$1.8
M Intellabridge Technology (KASH)
$0.3
MO Calfrac Well Services (CFW)
$-108.5
MO Stingray Group (RAY)
$-337.5
Top 10 Net "CO2" Selling
(By dollar amount, 000's)
TypeCompany Name$ Value
MO Stingray Group (RAY)
$-337.5
MO Calfrac Well Services (CFW)
$-108.5
M Intellabridge Technology (KASH)
$0.3
M Scottie Resources (SCOT)
$1.8
M Carrier Connect Data (CCDS)
$2.4
M Chemtrade Log Inc Fnd (CHE)
$3.2
M Aimia (AIM)
$13.7
M Koryx Copper (KRY)
$357.5
"CO2" may included Board chairs, CEOs, Presidents, CFOs, Treasurers, and Controllers of companies. See data description above
Top 10 Net Insider Buying
(By dollar amount, 000's)
TypeCompany Name$ Value
M South Bow (SOBO)
$2,369.4
M Koryx Copper (KRY)
$357.5
M Ag Growth Intl (AFN)
$350.3
M NFI Group (NFI)
$283.6
MO Scottie Resources (SCOT)
$151.8
M Lavras Gold (LGC)
$137.9
M TECSYS (TCS)
$93.8
M NanoXplore (GRA)
$88.0
O 01 Quantum (ONE)
$46.0
M Aimia (AIM)
$27.8
Top 10 Net Insider Selling
(By dollar amount, 000's)
TypeCompany Name$ Value
M Intact Financial (IFC)
$-5,979.5
M Methanex (MX)
$-3,075.3
M Artemis Gold (ARTG)
$-2,038.5
M InterRent REIT (IIP)
$-1,992.0
MO Valeura Energy (VLE)
$-1,186.0
M Canopy Growth (WEED)
$-415.7
O Tourmaline Oil (TOU)
$-408.0
MO Stingray Group (RAY)
$-391.8
M TransAlta (TA)
$-270.0
M Journey Energy (JOY)
$-115.1
Top 10 Net Insider Buying
(By volume, 000's)
TypeCompany NameVolume
MO Leading Edge Materials (LEM)
628.0
O 01 Quantum (ONE)
200.0
M Koryx Copper (KRY)
110.7
MO Scottie Resources (SCOT)
100.9
M Lavras Gold (LGC)
70.0
M South Bow (SOBO)
50.0
M NanoXplore (GRA)
46.1
MO Calfrac Well Services (CFW)
34.0
M Ag Growth Intl (AFN)
20.0
M Verdera Energy (V)
20.0
Top 10 Net Insider Selling
(By volume, 000's)
TypeCompany Name$ Volume
M Canopy Growth (WEED)
-315.8
M Riley Gold (RLYG)
-260.0
M InterRent REIT (IIP)
-149.9
M Artemis Gold (ARTG)
-50.0
M Methanex (MX)
-37.7
M Intact Financial (IFC)
-20.1
M Journey Energy (JOY)
-20.0
M TransAlta (TA)
-15.0
M EnGold Mines (EGM)
-11.0
M Doubleview Gold (DBG)
-2.7
M - Public Market transaction
O - Exercise of Options
I - Information that has been adjusted or estimated by INK
A - Amended filing
ceo buy - CEO Buy
cfo buy - CFO Buy
officer buy - Officer Buy
director buy - Director Buy
ceo sell - CEO Sell
cfo sell - CFO Sell
officer sell - Officer Sell
director sell - Director Sell

Yesterday's Top 10 Individual Buy Filings

(By volume)
Company Name Insider Name Security
Unit/Share
Price
Leading Edge Materials (LEM)
DIRECTOR buy
Major, Daniel John
O
Common Shares
990,000
0.10
01 Quantum (ONE)
DIRECTOR buy
Macaulay, Tyson
O
Common Shares
200,000
0.23
Koryx Copper (KRY)
CEO buy
Daun, Heye Edmund
M
Common Shares
110,700
3.23
Scottie Resources (SCOT)
OFFICER buy
Mumford, Thomas
O
Common Shares
100,000
1.50
Valeura Energy (VLE)
OFFICER buy
Warrilow, Ian Mark
O
Common Shares
100,000
2.19
Calfrac Well Services (CFW)
CFO buy
Olinek, Michael Dean
O
Common Shares
60,000
3.54
Calfrac Well Services (CFW)
CFO buy
Olinek, Michael Dean
O
Common Shares
55,000
3.54
South Bow (SOBO)
DIRECTOR buy
Joung, Chansoo
M
Common Shares
50,000
34.23
Leading Edge Materials (LEM)
DIRECTOR buy
Major, Daniel John
M
Common Shares
43,000
0.28
NanoXplore (GRA)
DIRECTOR buy
Gagnon, Hélène Violaine
M
Common Shares
25,000
1.93

Yesterday's Top 10 Individual Sell Filings

(By volume)
Company Name Insider Name Security
Unit/Share
Price
Leading Edge Materials (LEM)
DIRECTOR sell
Major, Daniel John
M
Common Shares
-405,000
0.28
Canopy Growth (WEED)
OFFICER sell
Perron, Michael Alexander
M
Common Shares
-291,192
1.32
Riley Gold (RLYG)
DIRECTOR sell
Lamb, William
M
Common Shares
-260,000
0.40
Valeura Energy (VLE)
OFFICER sell
Warrilow, Ian Mark
M
Common Shares
-100,000
14.05
InterRent REIT (IIP)
DIRECTOR sell
Leslie, Ronald A.
M
Trust Units
I
-93,103
13.29
Artemis Gold (ARTG)
OFFICER sell
Langford, Jeremy
M
Common Shares
A
-50,000
40.77
InterRent REIT (IIP)
DIRECTOR sell
Amirault, Paul
M
Trust Units
I
-46,750
13.30
Calfrac Well Services (CFW)
CFO sell
Olinek, Michael Dean
M
Common Shares
-42,321
6.35
Calfrac Well Services (CFW)
CFO sell
Olinek, Michael Dean
M
Common Shares
-38,639
6.39
Canopy Growth (WEED)
OFFICER sell
Perron, Michael Alexander
M
Common Shares
-24,640
1.33

Disclaimer:

User agrees to only use information contained in this report for the purposes as set out in section 6.2 of COMPANION POLICY 55-102CP TO NATIONAL INSTRUMENT 55-102 of the Canadian Securities Administrators and to comply with all privacy laws. INK provides general information. INK is not an investment advisory service, a financial planner, an investment advisor nor a securities advisor. INK does not purport to tell people, or suggest to people, what they should buy or sell for themselves. Opinions and recommendations contained herein should not be construed as investment advice. Do not assume that any recommendations, insights, charts, theories, or philosophies will ensure profitable investment. Users should always consult with and obtain advice from their professional licensed financial advisor, including their tax advisor, to determine the suitability of any investment. INK recommends that anyone making an investment or trading securities do so with caution. Users should perform full due diligence and investigate any security fully before making an investment or before the execution of a security trade based upon information learned through INK. Investors should obtain annual reports and other company information to complete their own due diligence in any investment. Neither INK nor anyone affiliated with INK is responsible for any investment decision made. INK has made all reasonable efforts to ensure that all information provided is accurate at the time of inclusion; however, there may be inadvertent and occasional errors. INK makes no guarantee of accuracy or completeness. Insider transaction filings are from SEDI®; SEDI® is a registered trade-mark owned by the Alberta Securities Commission. All information and opinion expressed herein is subject to change without notice. INK employees may have an ownership or investment interest in any stock mentioned in this report. Copyright © INK Research Corp. All rights reserved.