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Intel CEO Pat Gelsinger just bought $250,000 of more stock.
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Intel
CEO Pat Gelsinger just bought more stock as the shares continue to recover from last year’s rout.
Intel stock (ticker: INTC) has surged about 35% so far this year, a significant gain, but shares have a way to go to shake off the damage done in 2022, when they dove 49%. Intel is planning to build a plant in Poland to boost chip production. The company has been seen as lagging behind in the artificial intelligence gold rush.
Gelsinger paid a total of $250,000 from July 31 through Aug. 2 for 7,100 Intel shares, an average price of $35.20 each. He made the purchases through trusts that he controls, according to forms Gelsinger filed with the Securities and Exchange Commission. The CEO now owns 337,129 Intel shares through trusts, and owns another 148,489 shares in a personal account.
Intel didn’t make Gelsinger available for comment. The company also declined to comment.
His most recent previous Intel stock purchase was in May, when Gelsinger paid $250,000 for 8,200 shares, an average price of $30.41 each.
Gelsinger also just bought shares of
Mobileye
(MBLY), a recent Intel spinoff that is developing autonomous-driving technologies. He paid $100,391 on July 31 for 2,650 Mobileye shares, an average price of $37.88 each. Gelsinger, a Mobileye director, last purchased the shares at the company’s initial public offering in late October.
Mobileye stock surged 67% in the last two months of 2022 to $35.06 from the $21 IPO price. So far this year, the shares have gained about 8%.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow @BarronsEdLin.
Source: https://www.barrons.com/articles/intel-stock-ceo-pat-gelsinger-buy-583967f1?siteid=yhoof2&yptr=yahoo