Gamestop director Leonard Riggio has reduced his stake in the video game retailer, reports Gamesindustry.biz. The story first appeared in Bacons, pegging profit taking by Riggio at $60 million on 2.3 million shares sold last week. Riggio still holds a 5.5 percent stake in the company with 9.1 million shares.
Analysts are giving mixed reactions. An analyst from Form4Oracle told Barron’s the move is an ominous sign for Gamestop. He notes that Riggio also held retail stock in the company he chairs, Barnes & Noble, but chose to sell Gamestop. Wedbush Morgan Securities Michael Pachter counters that notion, telling GI.biz that Gamestop’s business is sound and preparing for a sales rebound in games.
Read more at Gamesindustry.biz.