Published , by TJ Denzer
Published , by TJ Denzer
It would appear that a large number of GameStop shares are moving about this month, from none other than GameStop executives themselves. It was recently disclosed that GameStop (GME) Chief Operating Officer (COO) Nir Patel had sold around $2.76 million in shares of GameStop stock before the end of market close last week. Patel reported that the sales were meant to be for tax withholding purposes. It would appear that Chief Financial Officer (CFO) Diana Saadeh-Jajeh also signaled plans for a sale of stock, but the sale had not gone through yet.
The activity by GameStop executives was reported in an recent SEC filing, as spotted by MarketWatch. Shares of GameStop dipped a small bit and then stalled in their value on Tuesday following disclosure of trade activity by GameStop executives. On Monday and Friday when markets were open, Patel reportedly sold a total of 122,073 shares of GME, valued at a total of $2.76 million USD. Patel’s disclosure said the sales were to cover withholding taxes related to the vesting of restricted stock units, and not “discretionary trade”. Meanwhile, CFO Diana Saadeh-Jajeh filed on Friday for the sale of 10,484 shares, but sales were not disclosed at the time.
To date, GME stock has rallied and rose in value from a starting point of around $17.20 USD per share at the start of 2023. It has seen a few dips, but quite a more spikes in value as the year has gone on, especially in March 2023 when the stop jumped from around $17.60 to $23.80 per share on word of previous CEO Matt Furlong claiming the company had a path to full-year profitability. GameStop value would dip in June on the firing of Matt Furlong, but has since recovered value and currently ebbs and flows without massive changes at the moment.
GameStop’s executives trading at such volumes is interesting, but the company’s stock continues to be one worth watching, well above its less-than-$4 value in 2020. Stay tuned as we continue to watch for further news from GameStop and GME.