Agrify (NASDAQ:AGFY) stock is rising higher on Wednesday as investors in the cannabis company react to insider buying reports.
David Aaron Kessler, the Chief Scientific Officer of Agrify, is behind today’s insider buying news. A filing with the U.S. Securities and Exchange Commission (SEC) reveals he acquired 50,000 shares of the company’s restricted stock.
The stock wasn’t actually bought by Kessler. Instead, it was granted to him under the company’s Agrify Corporation 2022 Omnibus Equity Incentive Plan. The restricted stock allows him to receive one share of AGFY stock when exercised.
So when will Kessler be able to exchange the restricted shares for Agrify’s common stock? The 50,000 shares will vest in three equal installments. These happen on Sept. 30, 2023, Sept. 30, 2024, and Sept. 30, 2025. This requires the continuous service of Kessler at the company over those periods of time.
AGFY Trading Volume Is Gaining Today
News of Agrify’s CSO acquiring 50,000 shares of restricted stock is exciting investors today. This has AGFY stock seeing heavy trading today. As of this writing, more than 20 million shares of the company’s stock have changed hands. That’s a massive leap next to its daily average trading volume of about 523,000 shares.
With that heavy trading comes a 7.8% increase in price for AGFY stock as of Wednesday morning. For the record, the company’s shares are down 95.1% since the start of the year.
Investors looking for more of the hottest stock market news will want to keep reading!
InvestorPlace has all of the latest stock market news traders need to know about for Wednesday. That includes why shares of oil stocks, Vicinity Motor (NASDAQ:VEV), and Vinco Ventures (NASDAQ:BBIG) are moving today. You can find out all about these matters at the links below!
More Wednesday Stock Market News
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- Vinco Ventures (BBIG) Stock Pops on CEO Announcement, Legal Settlement
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.