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Chart of the Day / Insider Buying: TTWO Director Buys $10.05 Million Worth

Insider Buying: TTWO Director Buys $10.05 Million Worth

September 4, 2018

In late August 2017, Take-Two Interactive Software’s Director, Paul E. Viera, made a $10.05 million purchase, buying 75,000 shares at a cost of $133.93 each.

While the stock may appear toppy at current prices, the company is nearing a big month.

This October 2018, the company will release Red Dead Redemption 2.

According to Bank of America, as quoted by CNBC:

“We continue to favor Red Dead for upside this holiday, while our longer-term thesis is unchanged: Take-Two has the biggest runway to benefit from digital shift, [microtransactions] shift, margin expansion and multiple expansion from streaming content deals,” analyst Justin Post said in a note to clients Thursday. “We are above guidance and have modeled for 18 [million] units, but given [“Grand Theft Auto 5″] success, eight years of development and consumers’ desire for original content, we see upside potential.”

Bank of America also reiterated its buy rating for the stock. It expects for TTWO to post earnings above expectations for the next fiscal year.

Even better, TTWO is still seeing solid money flow from Grand Theft Auto V, and NBA 2K19. In fact, NBA 2K19 is now the company’s best-selling sports game in history.

And, it’s expanding into China and into the popular Nintendo Switch.

Even more impressive, management has bought back $308 million of TTWO shares over the last year, which shows clear optimism.

With this much excitement, we wouldn’t be surprised to see TTWO at $160 this year.