Why Grocery Outlet Stock Soared 11% Higher Today
Grocery Outlet (NASDAQ: GO) has had its struggles lately, but you wouldn't know that from its stock's performance on Monday. Investors eagerly snapped up shares of the food retailer to send them to a more than 11% gain that trading session. The main catalyst in the rally was a chunky insider stock buy.
In a regulatory filing, Grocery Outlet divulged that its CEO and chairman, Jason Potter, purchased 286,097 shares of the company's common stock last Thursday, March 19. The price was $5.90 per share, for a total outlay of just under $1.7 million. The buy-in more than doubled his stake; it now stands at 574,366 shares.
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Source Fool.com
