Why Nerdy Stock Was on Fire This Week
Online education services provider Nerdy (NYSE: NRDY) was providing a handy tutorial on how to boost a stock's price this week. A big buy from an important executive propelled the company's shares higher; they were up almost 34% week to date as of early Friday morning according to data provided by S&P Global Market Intelligence.
As Nerdy revealed in a regulatory filing, its founder and CEO Chuck Cohn splurged to buy a big stake in the company. On Aug. 20, he purchased a cool 5 million shares for $17.5 million, which is quite the buy in both absolute and relative terms -- after all, the total number of shares outstanding is currently just under 91.5 million.
In other words, Cohn bought more than 5% of all shares available. That's an audacious move, even for a CEO/founder, and regardless of circumstance helps instill great confidence in a business.
Source Fool.com
