Intel Corp. Chief Executive Pat Gelsinger scooped up nearly $250,000 of his company’s stock Wednesday, according to new disclosures.
Gelsinger purchased 3,400 shares of Intel
INTC,
+1.07%
at an average price of $36.79 Wednesday while buying another 3,375 at an average price of $36.82, a filing from late Thursday shows.
The open-market purchases were made through a Gelsinger family trust that now owns 25,475 shares of Intel. He owns 37,722 shares directly and vastly more through other trusts listed on the latest Form 4 filing with the Securities and Exchange Commission; FactSet lists his ownership at upward of 500,000 shares.
Gelsinger’s purchase “reflects his confidence in Intel’s long-term strategy and transformation,” an Intel spokesperson told MarketWatch.
Intel shares have gained in each of the past five full sessions, including when they soared 9.3% last Friday in the wake of the company’s earnings report, and they’re on track for another day of gains this Friday. But they’re still off almost 45% from their recent 2021 peak of $68.26.
See also: Intel’s stock powers toward best day in a year. Here’s why skeptics still have concerns.
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