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GameStop Corp. Message Board

  • long_term_cap_gains long_term_cap_gains Nov 26, 2013 9:35 AM Flag

    Insiders have sold some 960K shares in just three months

    On June 17tg GME filed an 8K disclosing insiders intent to sell about 1M shares (from memory). Three months later the sales started.

    Since insiders started to sell around Sept 24th, they have now sold ~960K shares, virtually all that the 8K stated. Notable among them is DeMatteo who has sold everything he has exercised or ~400K shares. Bartel has sold ~163K shares.

    The company is buying back stock at very high levels to prevent dilution with all the insider sales and more importantly to buy earnings as revenues will likely decline over the next 12 to 18 months. As many here have pointed out the online game sales trend is set to accelerate and this will be a long process that will put pressure on GME stock price.

    Quarterly reports were rosy up until one quarter ago, management talked a good story and managed expenses to get the shares higher to allow them to exit at multi year highs. Now that most of the insiders have sold, the company announces a quarter were guidance failed to meet the high expectations management had built for this console transition. Coincidence? Sure!

    Sentiment: Strong Sell

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