Blackberry Insiders sell as fast as they canOnce in a lifetime selling opportunity - insiders jumped all over it - this is not GME
FP/wire say BlackBerry soars, insiders sell
2021-01-25 09:25 ET - In the News
The Financial Post reports in its Saturday edition that corporate insiders unloaded shares of Blackberry amid a frenzy of buying that turned it one of the hottest stocks of the new year. A Bloomberg dispatch to the Post says that Blackberry shares rallied 5 per cent Friday to extend a seven-day advance to 80 per cent, its biggest such percentage increase since February, 2000. Thus far this year, the stock has more than doubled, making it the top performer on the Toronto Stock Exchange. The shares closed at their highest price since March, 2018, on Thursday. At least two Blackberry executives sold shares amid the advance, according to filings with the U.S. Securities and Exchange Commission. Chief marketing officer Mark Wilson on Jan. 20 sold more than $990,000 (U.S.) of Blackberry stock, reducing his directly owned shares by nearly 60 per cent. Chief financial officer Steve Rai sold nearly $430,000 (U.S.) of the stock on the same day, liquidating all directly owned shares. The insider sales are not necessarily a negative sign for the stock, according to analyst Jonathan Moreland at Insiderinsights. "What it suggests is that these very knowledgeable corporate insiders think this is a pretty good price," he said.