Intel stock (ticker: INTC) has experienced a significant surge this year, rising more than 40% in 2023 after a decline of 49% the previous year. CEO Pat Gelsinger recently demonstrated his confidence in the company by purchasing a substantial amount of Intel shares on the open market.
Gelsinger acquired a total of 6,775 Intel shares between October 31 and November 1, at an average price of $36.80 per share. The purchases were made through a family trust, which now holds 25,475 Intel shares.
In addition to these recent acquisitions, Gelsinger received 6,779 Intel shares on October 31 through the vesting of restricted stock units. However, 3,362 shares were withheld to cover tax liabilities. Therefore, his personal account received a net of 3,417 shares, bringing his total holdings to 37,722 shares. Furthermore, Gelsinger has control over an additional 456,915 Intel shares through other trusts.
When asked to comment on the stock purchase, Intel did not provide a response regarding Gelsinger's availability for comment. It is worth noting that Gelsinger previously purchased Intel stock on the open market in late July and early August, acquiring 7,100 shares at an average price of $35.20 per share.
Insight into stock transactions by corporate executives and board members, commonly known as insiders, as well as prominent figures such as large shareholders and politicians, is a regular feature of our coverage. These investors are obligated to disclose their stock trades with the Securities and Exchange Commission or other regulatory bodies.