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- NeCEO Backs Up The Truck With A Huge Insider Buyw Post
NeCEO Backs Up The Truck With A Huge Insider Buyw Post
Restoration Hardware was a Wall Street darling during the Covid pandemic.
RH (NYSE: RH) curates design, taste, and style in the luxury lifestyle market. The company offers collections through its retail galleries, sourcebooks and online at RH.com, RHContemporary.com, RHModern.com, RHBabyandChild.com, RHTEEN.com, and Waterworks.com.
From the bottom of March 2020 to its high in August 2021, the stock rose roughly 919%.
Since then, the stock is down -70% from the August 2021 high and has been trading sideways for the last two years between $230 and $320 (roughly).
BUT..........
Chairman and CEO Gary Friedman just completed the purchase of $10 million of RH stock at an average price of $216.10.
As of June 26, 2024, Mr. Friedman beneficially owns 25% of the outstanding shares, which is significant. And 14% of the float is short.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/351a9af5-c518-4d6c-b8c7-4911a5321344/627rh.png?t=1720703473)
The stock needs to firm up before I consider it. Currently, it is below all its short-term and long-term moving averages.
However, insider buying caught my attention, and I will watch closely to see if outside buyers (Institutions/hedge funds) start to find the stock attractive alongside the CEO.