Maybe the new meme is open-market stock purchases by insiders.
GameStop (ticker: GME) just saw its third insider stock purchase in as many days, and shares of the videogame retailer soared last week on news of the big buys. GameStop has a high profile as one of the meme stocks , highly volatile shares that rocketed last year as investors egged each other on to buy on social media and other platforms.
GameStop director Alan Attal paid $195,000 on March 24 for 1,500 shares, an average price of $129.91 each, according to a form he filed with the Securities and Exchange Commission that day. Attal, a GameStop director since January 2021 , now owns 130,423 GameStop shares.
GameStop didn't immediately respond to a request to make Attal available for comment. Attal is a former chief operating officer of Chewy (CHWY), the pet-supplies company founded and previously helmed by Ryan Cohen, GameStop's chairman .
The other insider GameStop stock buys in recent days—bigger than Attal's purchase—have been made by Cohen , and director Larry Cheng . Those stock purchases were disclosed on March 22 and 23, respectively.
News of the insider purchases sent GameStop stock soaring 67% last week, crushing the comparable 1.8% rise in the S&P 500 index.
Inside Scoop is a regular Barron's feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.