Schilling sold about 1% of Rightside’s outstanding shares yesterday.
Frank Schilling might have sparked yesterday’s very active day of trading in shares of Rightside (NASDAQ:NAME), or at least contributed to it.
Over 860,000 shares traded hands yesterday compared to a three-month average daily volume of about 75,000 shares. This pushed shares down about 13% to $9.50.
Schilling confirmed to Domain Name Wire that he sold shares yesterday to take some profits as well as push his ownership below the 5% ownership reporting threshold. His average purchase price was $7.40, so he sold the shares at a profit.
According to an SEC filing from December, a Schilling-owned firm owned 1,158,174 Shares, constituting approximately 6.1% of the Shares outstanding. He sold just over 1% of the company’s outstanding shares yesterday. That would be about 200,000 shares.
[Update: According to an SEC filing today, Schilling sold 199,971 shares Monday at an average price of $9.74.]
Still, this is just a fraction of the total shares that traded. It certainly pushed a lot of activity.
It’s also impressive that people bought over 860,000 shares in the company yesterday. There was strong resistance in the $9 range.
Two other large shareholders, Daniel Negari and Mike Ambrose, sold about 173,000 shares earlier this month at an average price just below $12.00. They made a profit of their sales.
Shares in Rigthside traded up $.25 today to close at $9.75.