Sirius Stock Up as CEO Buys Two Million Shares

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.

SiriusAccording 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.

Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!

About Ron Haruni 1069 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

Be the first to comment

Leave a Reply

Your email address will not be published.


This site uses Akismet to reduce spam. Learn how your comment data is processed.