I think that it can be useful for investors to keep an eye on which shares have experienced meaningful insider buying.

This is because insider buying is often regarded as a bullish indicator, as few people know a company and its intrinsic value better than its directors.

If they are buying, then it could be a sign that they are confident in the direction the company is heading and see value in its shares.

With that in mind, let's see which beaten-up ASX 300 stock has just revealed some heavy insider buying.

Which ASX 300 stock are insiders buying?

The stock in question is Webjet Group Ltd (ASX: WJL). Its shares are down 36% from their 52-week high.

According to a couple of change of director's interest notices, two of this online travel company's directors have bought shares on-market this week.

One notice reveals that the company's managing director, Katrina Barry, doubled her holding with the purchase of 12,000 shares through an on-market trade on 7 January. Barry paid an average of 82 cents per share, which equates to a total consideration of $9,840.

Another change of director's notice shows that the ASX 300 stock's non-executive director, Shelley Beasley, made a much larger purchase a day earlier on 6 January. Beasley picked up 109,909 shares for a total consideration of $90,000. This represents an average price of 81.9 cents per share.

Should you invest?

The team at Goldman Sachs is likely to be supportive of these insider buys.

According to a recent note, the broker has put a buy rating and $1.10 price target on its shares.

Based on its current share price of 78.7 cents, this implies potential upside of approximately 40% for investors over the next 12 months.

In response to its results in late November, the broker commented:

[W]e revise our forecasts with FY25-27e group TTV ~-2% and underlying EBITDA -1% to +7% largely on higher GoSee margins with OTA forecasts immaterially changed. We also factor in a full year share base payment of ~A$6mn and thereafter ~A$3mn on the back of accelerated FY23/24 performance rights in FY25 following demerger. Hence, our FY26/27 Statutory NPAT is changed by 0-1%.

We believe that management are conservative in its guidance of "broadly in-line EBITDA in FY25 vs FY24" given improving OTA run-rate as well as reducing GoSee costs and see upside risk. Our valuation is unchanged. TP to A$1.1/sh (vs A$1.05/sh prev); reiterate Buy on revenue/margin optimization opportunities.

All in all, this could make the ASX 300 stock one to consider buying in January.