Who’s Buying INTC Stock?
Earlier this year, Intel was in Wall Street’s doghouse. The company had lost market share to rival chipmakers. And, it was an unforgivable sin for Intel to post its first unprofitable quarter in a long time.
How did Intel CEO Pat Gelsinger react to all of this? He bought 8,200 Intel shares, paying an average price of $30.41 per share. That was a quarter-million-dollar stock purchase, and it’s already profitable.
Fast forward to July 31 through Aug. 2, and filings show that Gelsinger (through trusts that he controls) purchased an additional quarter of a million dollars worth of INTC stock. This time around, the chief executive bought 7,100 Intel shares at an average price of $35.20 per share.
It’s encouraging to see an executive putting his money where his mouth is. How can Gelsinger be so confident, though? Maybe he’s optimistic because the CHIPS and Science Act could provide financial backing to Intel in the coming quarters.
Or perhaps Gelsinger is confident because Intel plans to makes waves in Europe’s semiconductor market with manufacturing plant in Poland. Hoewever, it’s also possible that Gelsinger’s greatest motivator is Intel’s improving bottom-line results and robust sales outlook. $Intchains Group(ICG.US$ $Direxion Daily Semiconductor Bull 3x Shares ETF(SOXL.US$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
