Remark Media Insider Dumping Accelerates
Remark’s Chief Financial Officer has now dumped 60,000 shares over the last two weeks and the Form 4’s just keep coming with Tuesday night’s filing (21,400) showing that the number of shares being sold each day is accelerating. He has now liquidated over half of his holdings at prices as low as $2.93. There have been several new 52 week low transactions now, where the actual price achieved by the CFO’s sale notched a new 52 week low. While our long term outlook on MARK remains positive as an asset play, we have to temper our enthusiasm when we see the company’s CFO accelerating what first appeared to be a measured sale of just part of his equity stake in the company. The selling into today’s early rally looked very familiar to the other recent days where we got another Form 4 filed shortly thereafter to confirm the selling was by Remark’s CFO. The good news is that it appears as of Tuesday night’s filing that he only had about 44,000 shares left to sell. The bad news is that the person who knows more than anyone else about Remark’s near term prospects appears to be selling all of his stock.
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