Upscale home-furnishings retailer RH (NYSE:RH) rose sharply at the market open on Thursday after the company announced its Chairman and CEO Gary Friedman bought $10 million worth of stock.
Per the release, Friedman increased his stake at an average price of $216.10 per share, totaling 46,274 shares.
RH stock rose 8.7% after the market opening bell.
The move lifts Friedman’s beneficial ownership to approximately 5.05 million shares, or 25.1% of RH's outstanding stock, based on the 18.45 million shares outstanding as of June 7, 2024.
This purchase represents a 0.2% increase in his beneficial ownership.