Saturday, March 3, 2012

Kenneth Langone Buys More Geeknet (GKNT)

Geeknet (GKNT) closed yesterday (02012.03.02) down 3.3% at $14.41. I've been keeping an eye open for some insider buying. After yesterday's close I checked a found the following.

Between 23 Feb 02012 and 29 Feb 02012, CEO Kenneth Langone bought GKNT shares on five consecutive days. I did some arithmetic and calculated that Langone purchased 18,700 GKNT shares at an average price of $14.91 for a total investment of $278,839. Langone increased his GKNT holdings by almost 9%.

Even at $14.91, GKNT still has a large SIR (Short-Interest-Ratio) of 12.7. In other words, many investors see these shares dropping even further.

1 comment:

  1. Langone's buying has continued. He bought more GKNT shares on Thu. March 1st, Fri. March 2nd and Mon. March 5th. He paid $198,585 for 13,400 GKNT shares, which is ~$14.82 per share. GKNT closed yesterday (02012.03.06) at $14.36.

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