Form 4: Cracker Barrel 10% Owner Sells 84,800 Shares

GMT Capital Corp and affiliated entities, a 10% owner of Cracker Barrel Old Country Store, Inc., reported the sale of 84,800 shares of common stock over two days in December 2025.

Summary

• Reporting Persons, including GMT Capital Corp, Bay Resource Partners, Bay II Resource Partners, Bay Resource Partners Offshore Master Fund, L.P., and Thomas E. Claugus, collectively sold 84,800 shares of Cracker Barrel Old Country Store, Inc. common stock.
• The sales occurred on December 8, 2025, and December 9, 2025.
• On December 8, 2025, 42,400 shares were sold at a price of $26.89 per share.
• On December 9, 2025, an additional 42,400 shares were sold at a price of $27.61 per share.
• Following these transactions, the Reporting Persons beneficially own an aggregate of 2,537,000 shares of common stock.
• The transactions were made pursuant to a contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 4

Explanation: The sale of a significant number of shares by a 10% owner and director group, even under a 10b5-1 plan, can be interpreted as a slightly negative signal regarding the insider's long-term conviction or a move to diversify holdings. While not an immediate red flag due to the 10b5-1 plan, it's not a positive indicator of increasing insider confidence.

Negatives

• Significant insider selling by a 10% owner and director group could be perceived negatively by the market, potentially signaling a lack of confidence or a move to diversify holdings.
• The total beneficial ownership of the reporting persons decreased by 84,800 shares.

Future Outlook

NA

Industry Context

This transaction represents a routine disclosure of insider trading activity for a publicly traded company in the restaurant and retail industry. Sales by significant shareholders, even under a pre-arranged plan, are closely watched by investors for potential signals regarding company valuation or future prospects.

Stakeholder Impact

• Shareholders may interpret the insider selling as a signal, potentially influencing their perception of the stock's value or future performance.

Key Dates

Recommendation

While the sale by a 10% owner and director group is a notable event, the fact that it was executed under a Rule 10b5-1 plan suggests it was a pre-planned transaction rather than a reactive decision based on new, adverse information. This mitigates some of the negative sentiment typically associated with insider selling. Without additional context on the company's fundamentals or broader market conditions, a 'hold' recommendation is appropriate, advising investors to monitor future developments and the company's performance.

Keywords

Cracker Barrel, CBRL, Insider Sale, Form 4, GMT Capital, Thomas E. Claugus, Stock Sale, 10% Owner, Director Transaction, Rule 10b5-1