GEO Group (NYSE:GEO) is heading higher on Friday following news that the company’s CEO acquired shares of the stock.

Image of the Geo Group’s logo on a sign outside of a corporate building

Source: JosephRouse / Shutterstock.com

According to a recent filing with the U.S. Securities and Exchange Commission (SEC), chairman and CEO George Zoley picked up an additional 166,644 shares of GEO stock. The shares were purchase for prices ranging from $6.685 to $6.80 for an average paid price of $6.75 per share.

News of the company’s CEO picking shares of GEO stock will likely excite investors betting on the company to rise higher. See, GEO has been targeted by Reddit as one of its new favorite stocks to invest in.

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With Reddit investing in GEO, that means shares of the company’s stock are experiencing a short-squeeze. This has investors buying and holding shares to force out hedge funds. The CEO buying more shares will likely be seen as a positive by Reddit traders.

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GEO Group is a company that offers rehabilitation services to prisons around the world. That includes offerings for bringing criminals back into society once their time has been served. It’s been in business since 1984 but didn’t change to its current name until 2003. You can learn more about the company at this link.

GEO stock was up 7.9% as of Friday morning.

Investors looking for more hot stock topics for Friday are in luck!

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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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