Five Below Insiders Sell Shares Amid Strong Earnings and Rising Stock Price
Two insiders at Five Below (NASDAQ: FIVE) sold significant portions of their holdings in early September, according to SEC filings. Director Michael Devine sold approximately $1.1 million worth of shares on Sept. 4, while Chief Operating Officer Kenneth Bull sold about $2.6 million in stock the same day. These sales occurred after Five Below's second-quarter earnings report showed strong performance with a 23% increase in net sales to $1.3 billion and an adjusted operating income surge of 105%. The company also raised its full-year guidance, now expecting up to $5.71 billion in revenue. Five Below stock has risen sharply over the past year, gaining nearly 68%, with a recent peak at $262 per share on Aug. 24 and currently trading around $243. Analysts have upgraded their price targets following strong results, including Morgan Stanley raising its target to $300 and UBS setting it as high as $325. The stock is still considered reasonably valued with a PEG ratio of 0.98 despite the recent gains.
Topics: Five Below insider sales retail earnings stock price movement