Sirius Stock Up as CEO Buys Two Million Shares
By Ron Haruni · Aug 4, 2008 · Author's Website
Peter Lynch theorizes that “insiders might sell their shares for many reasons, but they buy for only one: they think the price will rise”. If that’s the case, then adding to an already existing position of company stock, should be considered as a positive development.
According to a filing with Securities and Exchange Commission released on Monday, Mel Karmazin - Chief Executive Officer of Sirius Satellite Radio (SIRI) has purchased 2,000,000 shares of the common stock on the open market, with an average price of $1.3732 per share. Karmazin now holds some 8.5 million shares of direct stock ownership.
Karmazin’s purchase seems to have improved somewhat investor confidence. In after-hours trading shares of the satellite radio company gained more than 7%, to $1.49.
Sirius shares have experienced a meltdown from above $60 in fiscal 2000 to the current $1.49.
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