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JB Hi Fi Group CEO & CFO Sell Shares Worth Millions

JB Hi-Fi boss Terry Smart has sold shares in the big CE retailer to the tune of $1.46 million.

Investors responded by sending the JB Hi-Fi share price into positive territory with the share climbing 2%.

Currently Smart is in Berlin at the European IFA trade show in Berlin.

The JB Hi-Fi share price has lost 10% since this time last year.

Also selling down his shareholding in JB Hi Fi was JB chief financial officer (CFO) Nick Wells who sold $1.36 million dollars’ worth of shares with the share now changing hands at $41.36.

The JB Hi-Fi Limited (ASX: JBH) share price is heading north on Tuesday.

Nick Wells Seen Left With Terry Smart

This comes despite the specialty retailer announcing that its CEO has dumped a substantial amount of his shares.

At the time of writing, JB Hi-Fi shares are swapping hands at $41.36 a share.

No reason has given for the share sell down. Currently, Smart has 8,925 JB Hi-Fi shares in his own name along with 119,723 shares held in a couple of trusts.

Wells has 44,493 indirect JB Hi-Fi shares under his holdings.

Analysts have responded with Citi raising its price target by 6.4% to $50.00 for JB Hi-Fi shares.

Based on the current share price, this implies an upside of roughly 21%.

UBS has also bumped up its price target by 4.8% to $44.00 per share.

JB Hi-Fi has a market capitalisation of approximately $4.43 billion, with 109.33 million shares on issue.

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