Ruby Tuesday climbs on insider trading
Shares of chain restaurant operator Ruby Tuesday, Inc. (NYSE: RT) are climbing after several executives and board members disclosed buying shares of the Maryville, Tenn.-based company after Monday’s closing. Together, four company insiders bought more than $2.28 million worth of share in the struggling restaurant operator.
Board members and executives, including CEO and President Samuel E. Beall III, purchased 381,500 shares on Friday and Monday for prices ranging between $5.93 and $6.10. As of Jan. 9, Ruby Tuesday has 51.71 million shares outstanding, with 96% of the shares being held by institutions.
Since hitting a high of $30.80, Ruby Tuesday’s stock has been down as much as 81% over the last 52 weeks.
On Friday, Kimberly Grant, Ruby Tuesday’s executive vice president, bought 6,000 shares at prices in the range of $5.95 to $6. CEO Beall bought 381,500 shares on Friday for prices between $5.94 and $6.
Also Friday, director Stephen Sadove snapped up 25,000 shares for prices of between $5.93 and $6. On Monday, Shannon Hepp, vice president of investor relations and planning, followed the trend by buying 500 shares at $6.10 a piece.
Investors have rallied around the reported insider trading, sending RT shares up 10.45%, or $0.60, at $6.34 in late afternoon trading. Over the last 52 weeks, shares have ranged from $5.70 to $30.80.
