GoPro Inc (GPRO US, -1, 21-Feb-24)
Three officers sold in total US$ 378,000 worth of stock on February 16th at an average price of $2.40, all under 10b5-1 plans. Those plans were all set up or revised in 2023, at least six months ago.
The most concerning is from Brian Mcgee (Chief Financial Officer since 2020, joined 2015) who sold 121,441 shares, reducing his holding by 30%. This is his largest-ever sale. He has a large option holding (480,000) but they are all underwater.
Charles Lafrades (Chief Accounting Officer since 2021, joined 2012) sold 8,166 shares reducing his holding by 8%.
Dean Jahnke (Sales & Marketing Officer since 2019) sold 27,849 shares, reducing his holding by 9%. All three have good records as sellers, and their sales were parts of prior signals in May 2022 and February 2023, both of which worked well.
It is concerning to see these planned sales continuing when stock is close to a multi-year low level. We have yet to see any insider buying surface despite the stock’s significant decline over the past three years.
We are ranking stock -1
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