Why Shares of Designer Brands Are Soaring This Afternoon

Shares of shoe retailer Designer Brands (NYSE: DBI) surged on Thursday, after the company disclosed in regulatory filings that its CEO and chief financial officer both bought shares on Wednesday.

As of 2:30 p.m. EDT today, Designer Brands' shares were up about 66% from Wednesday's closing price.

In routine filings with the Securities and Exchange Commission, CEO Roger Rawlins and CFO Jared Poff disclosed that they had each bought shares of the company at market prices on Wednesday. Rawlins bought 52,265 shares at an average price of $2.88, and Poff bought 28,911 shares at an average of $2.95.

Source Fool.com