GNC's CEO And Chairman Both Just Bought A Bunch Of Stock
GNC Holdings Inc (NYSE: GNC) shares are skyrocketing more than 10 percent on Thursday after CEO Robert Moran and chairman of the board Michael Hines both disclosed massive new purchases of company stock. According to the filings, Hines purchased 125,000 shares of GNC stock on February 21 at an average price of $8.17. Moran made two separate purchases on the same date: a 58,083-share purchase at $8.00 and a huge 534,176-share purchase at $8.49.
The two buys dramatically increase the total stock holdings of both men. Moran now holds 653,271 total shares worth approximately $5.7 million. Hines holds 168,989 shares worth roughly $1.5 million.
Related Link: GNC Is Having A Rough Morning
Traders are scooping up shares on the idea that the two insiders may be aware of potentially positive developments at the vitamin and supplement giant.
A source familiar with the matter tells Benzinga that those positive developments could be big M&A news on the horizon. The source suggests a large shareholder in Vitamin Shoppe Inc (NYSE: VSI) is pushing for the company to consider a merger with GNC. Shares of Vitamin Shoppe are up 1.5 percent on Thursday.
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