Stocks (ticker: GPRO) are on the restoration, and the top manager has boosted his sales.
Shares of the commercial camera manufacturer lost half of the market value in 2018, knocked off disappointing earnings and questions of execution.
The new year has reinvigorated the GoPro stock, and earnings have become much better. The GoPro share is up 57% so far this year to Thursday's $ 6.67.
GoPro founder, chairman and CEO, Nicholas Woodman, has sold a large amount of shares in the new force after he did not sell any in 2018.
So far this year, through March 29, has a confidence managed by Woodman scheduled sales of 2.8 million A shares for a total of $ 17.4 million, averaging $ 6.23 each. Woodman had set up a so-called rule 10b5-1 trading plan on 31 August. Under such a plan, an enterprise establishes parameters, including the price and volume of shares to be bought or sold. Once the conditions are met, the transactions are executed. The structure is intended to remove any potential bias that an insider may have from knowledge of material non-public information.
The shares sold by Woodman were converted by trust from class B shares, which are not publicly traded. Each B share has 10 votes, and each A share has one vote. Woodman controls most of the voting value of the GoPro share through a majority stake in B shares. According to a form he filed with the Securities and Exchange Commission, Woodman now owns 33 million B shares through trusts. Based on figures in the company's last authorization from April last year, this effort now represents about 70% of GoPro's voting power.
GoPro refused to make Woodman available for comment on the sale, and the company also refused to comment.
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