RiskOn International (NASDAQ:ROI) stock is rising higher on Tuesday as investors in the gaming and metaverse company react to insider buying.
That insider buying comes from Milton C. Ault III, a more than 10% shareholder in the company. He bought a total of 2,133 shares of ROI stock with these purchases.
The first stock buy saw him acquire 500 shares of ROI stock for $0.4093 each. The remaining 1,633 shares were bought for between $0.38 to $0.3877 per share in a series of open market purchases.
Investors will note that the first batch of shares were bought directly by Ault III. The remaining are held indirectly through Ault Alpha LP.
How This Affects ROI Stock
Stock purchases such as these can act as a morale boost for investors in the company. They can also inspire other investors to purchase stakes in the stock as they following the example of the buyer.
In this case, shares of ROI stock are seeing heavy trading following the insider buying news. That has more than 3.3 million shares of RiskOn International have changed hands this morning. For comparison, the company’s daily average trading volume is about 115,000 shares.
ROI stock is up 20.9% as of Tuesday morning but was down 95.7% year-to-date when markets closed yesterday.
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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.
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