So Who is buying General Growth properties Inc, GGP?
This caught my attention over the weekend when I saw some serious money being put on the table. Over $26millions to be precise, during last week.
I scan insider trades to get hints about potential long terms bullish plays. I don’t generally look for selling signal as selling can be attributed to several reasons, but buying only has only one reason i.e. the insider(s) thinks the stock is going to go up. But how far is the time horizon, that’s open to interpretations. However, This scan was very interesting scan that was worth sharing.
So, let’s step back and think for a minute.
Mr. Bernard Freibaum, who is the Chief Financial Officer (CFO), Excecutive Vice President(EVP) and director of GGP has made a direct purchase of over $26.6millions at a average share price of $62.5-$63/shares (currently the shares trades nearly at that price).
Here is a profile of Mr Bernard, as per the company website, he joined in 1993 and has extensive expertise in financial sector.
And per definitive proxy statement Def 14A filed on March 29th, Mr. Bernanrd earns $5,011,488 in total compensations. Now investing $26 millions is serious money. Being a financial wizard, Mr Bernanrd, I am sure, knows very well on what he is investing. What’s my take? watch-out for GGP with a potential bullish bias, but how long and when, that’s anybody’s guess. When I open a trade to play, I shall share via alerts to the registered users.Discuss it here- OP’s Discussion Forum
Profitable trading, OptionPundit