Rightside (Nasdaq: NAME) closed down $1.41 or 12.92% on Monday. The volume was substantially higher than the average daily volume of 52,197 coming in at 865,348. The shares traded as low as $8.79. This was the biggest volume day since June 24 and one of the biggest volume days all year.
DomainNameWire.com reported on August 12, that Daniel Negari and Mike Ambrose sold $2 million worth of Rightside stock.
InsiderMonkey.com reported on August 15, that Cannell Capital sold 19,881 shares lowering their stake to 6.29%.
I know we had a reader here that predicted the stock was headed back to $9 when it was trading at $12, if no takeover came.
It will be interesting to see if investors come back into the stock looking for a quick bounce back.
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I am shocked
Hi Raymond that was me that said it was dropping to $9-im not happy about it because I know some investors here are in that stock. We own a small hedge fund (domaining is secondary) and all the indicators were pointing that way. That said this name ( no pun ) needs to hold $9.17 or it’s headed back to $7. Flip a coin at this point. Good luck.
Ben pedri says
I HAVE A TRADING BACKGROUND ,AND THIS IS SOMEONE LIQUIDATING A POSITION BECAUSE THEY HAD TO.LOOKS LIKE THE STOCK HELD UP REAL GOOD ,I once moved this stock 5/8 of a point with 2500 shares ,SO for that many shares ,I think it passed the test.im not talking my book because I’m long only 700 shares.Should bounce more tomarrow.
The majority of new gTLDs will be worthless Q4 2017…bubble popping sooner than later.
NAME Bouncing off of support line established last July (look at Weekly or Monthly view).
It’s bouncing off that support on no volume. Now im convinced this name is heading to $7 ish. I wouldn’t short it here – the easy money has been made in that regard-but I certainly wouldn’t get long this stock here either until it settles down on big volume. That said we’re probably a buyer at $7. Good luck.
Ben pedri says
THIS STOCK HELD YESTERDAY’S ON ENORMOUS SELLING PRESSURE, THIS SHOWS THAT THERE ARE WILLING BUYERS IN THE 9.50 TO 9 AND BELOW RANGE. Again I stress that although this seller dumped a 3 million more or less position does not mean they are sophisticated,IF THEY WERE THIS TRADE COULD HAVE BEEN LEGALLY ARRANGED WITH MARKET MAKERS,WHICH LEADS ME TO BELIEVE THAT SOME CLERK SCREWED UP AND PUT SOME MARKET ORDERS IN. THIS STOCK CAPITULATED AND THE 9 RANGE SHOULD DEFINITELY HOLD ,UNLESS SOMEONE ELSE BAILS .
As I mentioned above-we’re probably a buyer at $7 but I wish you luck.
Ben pedri says
If it gets to 7 it’s probably a sell ,one stupid trade on a random day does not change the direction of a companies future, in fact most distribution of shares are done a the top of ranges. Stop me out on the last 700 you buy at 7