Heavy trading and steep losses for Rightside today.
Shares of Rightside, the company that owns domain name registrar eNom, are down big with heavier-than-usual volume today.
At 2:10 EDT shares are trading at $9.51, down $1.40 on the day (13%). Shares briefly traded below $9.00.
Volume is over 650,000 shares, while the average volume (3 months) is only 73,685 shares.
[Update: shares closed at $9.50 with 860k shares trading hands.]
[Update: Frank Schilling sold about 1% of the company’s outstanding shares.]
It’s possible that one of Rightside’s larger shareholders is dumping shares.
Daniel Negari and Mike Ambrose of XYZ sold over 170,000 shares earlier this month at an average price of $12.00. They still owned a combined 800,000 shares after the sales, according to an SEC filing. They are no longer required to file with the SEC because they own less than 5% of the company combined.
Other shareholders with more than 5% ownership include Frank Schilling and J. Carlo Cannell. Cannell has been pushing Rightside to change its focus and change up its board.
Robert says
Pump and dump.
Stock was 8 bucks a year ago and it will be again this year.
YamadaMedia says
Good, theifs and crooks always get what is coming to them. Karma!
Mike says
Everything about Enom sucks and I’m guessing that’s true with RightSide. I would not be surprised to see a bloodbath coming like it it did in the old days with a massive domain drops of alternate extensions. When it happens is anyone’s guess. Maybe now is the start? Why would history play out any differently now?
Anticareer says
Looks like someone put in a “market” sell order for almost 250,000 shares earlier today. Whoops. Very dumb move considering what the average volume for the stock is unless they 100% needed the cash today. Probably cost themselves $250k by using this kind of sell order.
David says
There is resistance value to the stock. No trades below $9.00 and a close closer to 10 despite unprecedented selling pressure. The real story is: Investors bought 760,000 shares of the stock today. Somebody was doing all that buying.
Andrew Allemann says
It did drop below $9.00, but am also amazed that 750k shares bought at about $9+ today.
David says
Now almost 800,000. incredible.
Andrew Allemann says
Closed at $9.50 with 860k shares trading
Ryan says
They pump the gtlds the same way, wink wink
Johnny says
New gTLDs bubble popping in Q1 2017…stay tuned.
Johnny says
Just saying….
Domain Name Train Wreck Ahead: Why Only .COM Will Succeed
https://www.linkedin.com/pulse/20140519231432-92568989-domain-name-train-wreck-ahead-why-the-gtld-program-may-not-succeed
collianceSteve says
I dispute that ONLY .com will succeed. The country codes seem to be doing fine, especially, ..de, .co.uk (.uk). .it (which also works as a hack), .me, which also works as a hack and personalized site, ,tv , .fr, es,
.Org is doing fine, as is .net.
I like .web, shop and .club
Google may just kill .app as it was more concerned about losing ad revenues if it fell into a rival’s coffers
I predict 80% of the GTLDs will be dead within 3 years — and the only who will care will be those who sold and bought the GTLD extensions (.webcam, etc)
168 says
Board add-athon or shuffle?
Enom spinoff?
I’m thinking both.
Cheers!
Mike says
This sounds like stock manipulation to me. Expect a real dip to come.