Uber (NYSE:UBER) stock is charging higher on Tuesday thanks to a filing with the U.S. Securities and Exchange Commission (SEC) covering recent insider trading.
According to the SEC filing, Uber CEO Dara Khosrowshahi picked up an additional 200,000 shares of the company’s stock on Monday. These shares were bought in multiple transactions with purchase prices ranging from $44.62 to $45.07 per share.
Khosrowshahi paid an average of $44.92 per share for the 200,000 shares he acquired on Monday. That means the Uber CEO spent a total of $8.98 million to increase his stake in the ride-sharing company.
To put into perspective how big Khosrowshahi’s recent purchase of UBER stock is, you just have to look at his new total ownership. The CEO holds 1,178,200 shares of Uber stock after his recent additions.
The news of Uber CEO’s purchasing shares has the company’s stock seeing heavy trading today. That has some 26 million shares changing hands as of this writing. For the record, that’s above the company’s daily average trading volume of 25 million shares.
It’s also worth noting that the stock purchase comes roughly a week after the company’s Q3 earnings report. The results were mixed, but investors were excited about the company posting its first-ever quarterly profit. That resulted in shares of UBER stock climbing last week before settling back down closer to pre-earnings prices.
UBER stock is up 5.4% as of Tuesday afternoon but is still down 10.1% since the start of the year.
Investors looking for more hot stock market news today will want to stick around!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.