Benzinga - by Surbhi Jain, .
In a significant move, Mark Robinson, general counsel and secretary at GameStop Corp. (NYSE:GME), recently capitalized on a Roaring Kitty-spurred rally to make over $58,000 from a single trade.
According to an SEC Form 4 filing, Robinson sold 2,215 shares of GameStop Class A Common Stock on June 13, 2024, at a price of $26.3323 per share.
This trade comes on the heels of Robinson acquiring 9,300 shares at no cost on June 12, 2023. These shares were part of a restricted stock unit (RSU) issuance, scheduled to vest exactly one year later, on June 12, 2024. With the RSUs fully vested, Robinson decided to sell a portion of his holdings the very next day, realizing a substantial gain from the transaction.
The 2,215 shares sold netted Robinson approximately $58,308. The Form 4 filing also indicates that, following this sale, Robinson retained ownership of 48,408 shares of GameStop stock.
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The backdrop to this lucrative trade is the continued market interest and volatility surrounding GameStop, largely influenced by retail investor enthusiasm led by figures like Keith Gill, aka Roaring Kitty. This enthusiasm has periodically driven up the stock price, creating opportunities for significant financial gains.
Robinson's transaction is a testament to the ongoing dynamics within GameStop’s stock, where insider moves are closely watched by investors seeking to gauge the company’s future performance and market sentiment. As GameStop continues to navigate its evolving business landscape, insider trades such as these provide valuable insights into the confidence and strategies of its key executives.
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