Several retailers, including GameStop, Foot Locker, Five Below, and Dick’s Sporting Goods, have seen their shares decline this year while the overall stock market has been performing well. Despite this, insiders at these companies have been actively buying up their own company’s stock.
GameStop’s Directors Make Significant Purchases
Alan Attal and Larry Cheng, both directors at GameStop, recently purchased shares of the struggling videogame retailer on the open market. On September 8th, Attal bought 15,000 GameStop shares for a total of $266,700, at an average price of $17.78 per share. As a result, Attal now holds a total of 562,464 shares in the company. Cheng also made purchases on September 8th and 11th, acquiring 6,000 GameStop shares for $105,900 at an average price of $17.65 per share. He made these purchases through a limited-liability company, which now possesses a total of 55,088 GameStop shares. This is not Cheng’s first investment in GameStop, as he previously bought 5,000 shares in June for $111,900.
Foot Locker CEO Shows Confidence with Personal Investment
Mary Dillon, the CEO of Foot Locker, has demonstrated her confidence in the company by purchasing additional shares. On September 8th, Dillon acquired 5,510 shares for a total of $100,100, at an average price of $18.17 per share. These shares were purchased through a trust that now holds a total of 27,649 Foot Locker shares. Additionally, Dillon owns another 115,388 shares through a personal account.
Challenges Faced by GameStop and Foot Locker
GameStop has been struggling to recover since the early June departure of CEO Matt Furlong and the cancellation of an earnings call. Foot Locker, on the other hand, has been impacted by lowered outlooks and the suspension of its dividend.
Insider buying can be seen as a positive sign, as it indicates that those within the company itself have confidence in its future prospects. These recent purchases by directors and CEOs suggest that despite the current challenges faced by these retailers, insiders believe in the long-term potential of their respective companies.
Insider Stock Transactions: Top Executives Making Moves
Foot Locker, a prominent retailer, has remained tight-lipped in response to a request for comment on recent stock transactions. It was revealed that the company’s President and CEO, Dillon, made a significant purchase earlier this year. In May, Dillon acquired 9,525 shares of Foot Locker on the open market at an average price of $26.20 per share.
Amidst a struggling stock, the President and CEO of Five Below, Joel Anderson, has taken action. In September, Anderson purchased 3,100 shares of the company for a total of $500,650. The average price per share was $161.50. After a disappointing quarter and lowered guidance, Five Below’s stock experienced a downward plunge.
Dick’s Sporting Goods
Dick’s Sporting Goods faced an unexpected setback in August when they missed quarterly earnings estimates for the first time in years. As a result, Vice Chairman William J. Colombo stepped in to take action. Colombo purchased 2,200 shares of Dick’s at an average price of $110 per share. The total cost of the transaction was $242,000. Additionally, through a trust, Colombo now owns a total of 170,192 shares. He also holds another 2,000 shares through a personal account.
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Here at Inside Scoop, we regularly cover stock transactions made by corporate executives, board members, notable shareholders, politicians, and other prominent figures. As insiders, these individuals are required to disclose their stock trades with regulatory groups such as the Securities and Exchange Commission.