Officer/Director Michael Barrett Files Intent to Sell $1.75M in Shares
Summary
Officer and Director Michael Barrett intends to sell $1.75 million in shares, adding to nearly $3 million in sales over the past three months, signaling continued insider distribution.
Key Events
-
Intent to Sell Shares
Officer and Director Michael G. Barrett filed a Form 144 to sell 100,000 shares of common stock, valued at approximately $1.75 million.
-
Recent Insider Sales
This proposed sale follows Barrett's disposition of 178,596 shares, generating gross proceeds of $2.96 million, within the last three months.
-
Broader Insider Distribution
The filing contributes to a pattern of insider selling, with net open-market sales of over $471,000 by three active insiders in the last 90 days.
-
Shares Acquired via Options
The shares intended for sale were acquired through a stock option exercise on the same day as the proposed sale date.
Analysis
Michael G. Barrett, an Officer and Director, has filed a Form 144 indicating an intent to sell 100,000 shares of common stock, valued at approximately $1.75 million. This follows the exercise of stock options and comes after Barrett already sold nearly $3 million worth of shares in the past three months. This ongoing pattern of executive share disposition contributes to a broader insider distribution trend observed over the last 90 days.
At the time of this filing, MGNI was trading at $18.35 on NASDAQ in the Technology sector, with a market capitalization of approximately $2.7B. The 52-week trading range was $10.82 to $26.65. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.