New Report Shows GameStop Insiders Are Buying Stock This Year
A new report shows GameStop (NYSE:GME) insiders are buying stock this year compared to selling it.
In the past 3 months alone, more than 473k shares have been purchased from insiders with 0 shares sold.
In the past 12 months, more than 762k shares have been purchased with only 3.8k shares being sold.
Ryan Cohen recently purchased GameStop stock worth $10 million, a securities filing showed last week.
Amongst Cohen, Directors Lawrence Cheng and Alain Attal also purchased shares of GameStop in June for a total of 15k shares.
Officer Mark Robinson also acquired nearly 10k shares for the month of June.
GameStop insiders are buying stock this year and it’s a great sign, especially now that the company is profitable.
Typically, you want to buy stock when executives are buying it and then take profit when executives are taking profit.
Is something big on the horizon for GME stock?
The Elliott Wave Forecast certainly thinks so after recognizing an Elliott Wave Nest pattern in GameStop’s current trend.
“Most of the time a nest happens before a huge move takes place,” says BarChart.
The Elliott Wave Nest is essentially a break in structure towards the upside, signaling powerful bullish momentum as shown below.
Read: GameStop Says 30% of Shareholders Have Registered Their Shares
GameStop Short Sellers Have Now Lost $320 Million This Year
GameStop short sellers have now lost $320 million this year according to the latest S3 Partners data.
As of June 10, short sellers have accumulated approximately $318 million in mark-to-market losses through 2023.
GME stock ended last week up more than +7%.
GameStop is still a heavily shorted stock with Ortex currently reporting a high short interest of 22.14% and a short score of 88; updated daily here.
The company has more than 76.18 million shares held short with short sellers paying nearly 10% in annual fees to short GME stock.
While GameStop short sellers have lost $320 million this year so far, it’s possible that a spike in the share price may trigger another short squeeze.
“As the broader stock market has been on a tear for about a month, things are looking grim for investors with big short positions in stocks like AMC Entertainment Holdings Inc. and GameStop,” said Ihor Dusaniwsky, head of predictive analytics at financial technology and analytics firm S3 Partners.
“One factor that is also killing profits for short sellers is the borrowing costs on stocks that no one is willing to part with,” he continued.
GME stock is up more than 42% this year-to-date.
Read: “The Game is Rigged” Says Ex-Citadel Data Scientist
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