Wet Seal the Deal?

Girl and women's apparel retailer Wet Seal (WTSL) filed its 10-Q for the second quarter of its fiscal year (the quarter ending in early August) at the end of last month. Reported EPS for the quarter were a penny, and profits in its first quarter had been low as well. This was still an improvement from the losses that the company had recorded in the previous fiscal year. The market response was muted, so Wet Seal remains down nearly 25% from its 2013 highs this past summer (though it is still up more than 30% year-to-date).

New CEO John Goodman (appointed in January), who has previous experience at Sears (SHLD), took advantage of the decline in the stock price to buy over 13,000 shares on Aug. 30 at an average price of $3.70 per share. He now owns over 900,000 shares directly. Our database of insider trading filings shows that he was buying heavily at prices of around $3 in February, although it is possible that this was more of a courtesy purchase upon his taking over the company....480 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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