DroneShield’s house broker says the sale of almost $70 million in shares by the company’s chief executive, chairman and a third director has killed interest from institutional investors in the hot defence technology stock, saying they will steer clear of the business for a long time.

Bell Potter was engaged to help DroneShield raise $220 million in two transactions last year, and has been bullish about the company’s prospects, recommending clients buy the stock. It most recently reaffirmed its forecasts that shares are headed to $5.30 over the year this month.