Gap Shares Rise On Heavy Insider Trading
Shares of the The Gap Inc. (NYSE:GPS) were trading higher on Thursday, and were among a number of stocks that were trading at high volumes. These volumes may have been influenced by the large amount of insider trading that has been performed by officials at the gap.
According to Fox Business, Gap's share price rose above normal on Thursday, with 9.8 million shares being traded - 1.7 times the stock's average daily volume. Gap has been ticking upward for the last two months, climbing from $25.53 on June 5 to over $30 in August.
A portion of the trading is coming from Gap insiders, who in the last three months have filed millions of dollars' worth of insider trades. Sabrina Simmons, executive vice president and CFO of the company, exercised her market option for 25,000 shares valued at $23.07 each, then sold those shares for $29.75, for a total of $743,750.
Michelle Banks, executive vice president of general council, exercised her market option the following day for 50,417 shares valued at $22.33. She then turned these shares around for a total of $1.51 million.
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