A television shows Jerome Powell, chairman of the US Federal Reserve, as traders work on the floor of the New York Stock Exchange on March 18.ANGELA WEISS/AFP/Getty Images
As we enter the second month of the Iran war, we are keeping a close eye on what insiders are doing with their own money during the conflict.
Opinions vary as to how long the conflict will last, so today I am going to look at three stocks that operate businesses that should not be directly affected by the conflict. All three have seen insider public market buying during the past month.
Having said all that, when looking at a chart of Bird Construction Inc. BDT-T, one might be tempted to conclude that the war has been good for business. The stock rallied 25.4 per cent in March.
Importantly, from our perspective, insiders were buying into the rally. Generally, it is a bullish sign when insiders buy a stock with strong price momentum, as it may suggest the rally is justified by improving fundamentals. All told, three insiders spent just over $1.2-million to purchase a total of 34,500 shares at an average price of $35.08.
Investor and insider enthusiasm for the stock appears to be driven by future prospects for the construction and engineering company. When it reported results for 2025 on March 11, Bird said that full-year construction revenue of $3.4-billion was comparable year-over-year. Growth from acquisitions and its infrastructure business was offset by previously disclosed delays in certain industrial work.
Looking ahead, Bird indicated that it had entered 2026 with a record combined backlog of contracted and awarded work, including a contracted backlog of $5.1-billion and a pending backlog (awarded but not contracted) of $6.0-billion. Adding to a sense of momentum, Bird said it is currently securing more work than it executes.
The shares of microcap Avante Corp. XX-X were also flying, advancing 34.3 per cent last month. The company provides security services for residential and condominium customers in Toronto and Muskoka, Ont.
On March 2, Avante reported fiscal 2026 third-quarter results for the period ending Dec. 31, 2025. Revenue for the quarter was $9.10-million, representing year-over-year revenue growth of 8.2 per cent. The top line included $4.21-million in recurring monthly revenues, up 12.4 per cent from third-quarter 2025. The company also reported adjusted EBITDA of $0.82-million for the quarter, up 7.0 per cent from the same quarter a year earlier.
Two Avante insiders bought into the March rally, spending a total of $640,500 picking up 445,000 shares at an average price of $1.44.
Tantalus Systems Holdings Inc. GRID-T provides smart devices and analytics to help utilities modernize their electrical-distribution grids. Its fortunes are tied to the build-out of the North American electrical grid.
For 2025, Tantalus delivered record revenue of US$54.1-million, up 22 per cent year-over-year, and record adjusted EBITDA of US$3.4-million, representing roughly 156-per-cent growth from the prior year. The company added 17 new utility customers during the year, while annual recurring revenue grew 14 per cent to US$14.5-million.
Three Tantalus insiders spent a total of $41,538 buying 9,300 shares at an average price of $4.47 after the release of 2025 results on March 18. The buying took place as the stock has been more or less flat over the past three months.
Although the total is relatively modest, it is also worth noting that the stock has more than doubled over the past year. Consequently, it is encouraging to see insider buying as Tantalus stock consolidates rather than insiders taking money off the table.
Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors.