08:49 AM EDT, 07/02/2024 (MT Newswires) -- RH (RH) was the stock pick of the week from Smart Insider after the company's chairman and chief executive increased his holdings by 1%.

Gary Friedman bought $10 million worth of stock on June 26 at $216.10 per share, the highest price he has paid for shares, Smart Insider said in a note to clients.

"Moreover, this is a reversal from a series of option-related sales in December 2022 at an average price of $260," Smart Insider said. "He has been timely on most prior buys in this stock and has a good record as a buyer."

According to the note, it was "interesting" to see Friedman buying now even though the purchase was a "minor addition" to his 3.3 million shares or 18% of the company.

Smart Insider ranked the stock "strong positive signal."