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.]
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.