Five Below Insiders Sell Shares Amid Strong Earnings and Rising Stock Price
Two Five Below insiders sold significant amounts of stock in early September, according to SEC filings. Director Michael Devine sold approximately $1.1 million worth of shares on Sept. 4 at prices ranging from $250.44 to $251.28 per share and still holds around $3.1 million in company stock. Chief Operating Officer Kenneth Bull also sold about $2.6 million in shares, with the price fluctuating between $240 and $255 during that day's trading. These insider sales occurred shortly after Five Below reported strong second-quarter earnings on Sept. 2. The discount retailer saw a 23% increase in net sales to $1.3 billion, along with significant gains in adjusted operating income (up 105%) and adjusted net income (up 108%). Management also raised its full-year guidance for revenue, comp store growth, and earnings per share. Analysts have responded positively, upgrading price targets on the stock following these results. Morgan Stanley increased its target to $300 from $235, while UBS set a new high of $325. The median analyst price target is now at $300, implying about 24% upside potential.
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Topics: earnings insider_sales retail