PLCE - Why Investors Were Loading Up on The Children's Place Stock Today
2023-07-06 16:09:33 ET
It was follow-the-leader time at The Children's Place (NASDAQ: PLCE) on Thursday. The company's shares were trading nearly 11% higher in late-session trading on that day, thanks in no small part to a big insider stock buy. That skyward trajectory contrasted strongly to the S&P 500 index's dip; it was almost 0.8% lower on the day at that time.
The insider doing the buying was none other than The Children's Place CEO Jane Elfers. As detailed in a regulatory document filed that morning, on Wednesday Elfers bought 43,000 shares of the company at an average price of $23.70 per share. That puts the total amount spent on the stock at just over $1 million -- no wonder investors were encouraged by the move.
Elfers is clearly putting her money where her mouth is with the company. Her latest buy gives her a total of 370,033 shares of The Children's Place stock. With today's price rise, that amounts to a total holding of more than $9.8 million. The specialty retailer's market cap is slightly under $330 million.
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Why Investors Were Loading Up on The Children's Place Stock Today