Gamestop’s top brass, including the directors and management team, sell their stock.
In a series of Form 4 SEC filings, four of Gamestop’s top executives recently sold chunks of stock in their company, assisting in a 2.29 percent drop in market value on Tuesday to a closing price of $34.15 and a 3 percent fall throughout April 17-19, when much of the selling occurred.
Board director Stephanie Shern traded 6,000 shares for between $33.05 and $33.11 each, netting herself approximately $198,480.
Chief Financial Officer David W. Carlson recently cashed out his options and 250,000 shares at $32.80 and $33.62 for $8,250,676.
Daniel A. Dematteo, Vice Chairman and Chief Operating Officer, released 139,700 shares at $33.71 and another 110,300 at $33.9, reaping $8,455,075 from the sales.
Chairman and Chief Executive Officer Richard R. Fontaine received $13,632,000 for 400,000 shares priced at $34.08.
Gamestop has recently increased 70 percent since the end of last July with 25 percent rising in the past month. But with recent share stagnation and an upcoming slump during the summer season, a probable cause for the round of executive exits is an expectation of a stock drop. After the recent stock split and 53 percent jump in quarterly profits, there exists no sign that the company’s sales will be slowing beyond the usual seasonal trends.
Published: Apr 25, 2007 02:05 pm