He sold 200K yesterday at $27.74. Perhaps he's not as optimistic on the 900% growth guidance his company gave to investors? (the digital segment they forecast would grow from around $100M to $1BN in 4 years).
Daniel A. DeMatteo is the Executive Chairman and a Director of GameStop. He served as the Chief Executive Officer from August 2008 until June 2010. He was the company's Vice-Chairman and Chief Operating Officer from June 2000 until August 2008. He previously served as President and Chief Operating Officer for GameStop and its predecessor entities beginning in 1996.
While I have been bullish on GME in the teen and low twenties I am inclined to agree with Demateo at this price. Glad I sold my remaining position at $27.80. I suspect GME may bounce around this area for a while. I still think 2014 will be the tipping point for GME and while they have a few good years left somewhere around that time things are going to turn south for them.
The exact timing is certainly up for debate, but whatever form GME survives in I don't think it will be anywhere near as profitable 10 years from now. Even with 4 good years ahead of them they are sitting at pretty fair value at this point assuming 2014 onwards is not kind to GME.