Insiders Are Dumping Shares At These Companies

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Let’s now move on to EarthLink Holdings Corp. (NASDAQ:ELNK), a company that offers managed network, security, and cloud solutions for multi-location businesses. The company’s Chief Commercial Officer and Executive Vice President, Rick C. Froehlich, unloaded his entire stake of 16,408 shares for $8.69 each. The stock has doubled since the beginning of the year, and is trading at levels not seen since mid-May of 2012. Therefore, the recent sell-off might suggest that EarthLink’s stock will have a hard time moving past the $9-roof again. Earlier this week, Michael P. Flannery, who serves as Managing Director of Small Business and Senior Vice President, also sold off all of his 8,204 shares at a price of $8.65 per share. EarthLink Holdings posted total revenue of $283.7 million for the second quarter, which marks a decline of 4.6% year-over-year. However, the company’s net loss tightened significantly, reaching $9.9 million, compared to $21.8 million reported a year ago. From the massive pool of hedge funds tracked by Insider Monkey, Jim Simons’ Renaissance Technologies is the largest shareholder of EarthLink Holdings Corp. (NASDAQ:ELNK), with 6.15 million shares.

The molecular diagnostics company GenMark Diagnostics Inc (NASDAQ:GNMK) saw six different executives sell shares on Friday. The insiders sold 21,134 shares on aggregate during the day, and we will now take a closer look at the most prominent selling activity. Jennifer Williams, who has served as Senior Vice President of Human Resources since March 2014, sold 17,980 shares at a price of $9.99 per share on September 11 and 300 shares for $10.00 each a day earlier. Following the transactions, the executive currently owns 132,792 shares. At the same time, the company’s President and Chief Executive Officer, Hany Massarany, unloaded 1,683 shares at $9.64 apiece, trimming his stake to 89,557 shares. The shares of GenMark have been on a downswing throughout the year, losing more than 26% year-to-date. The company has seen continued robust performance of its XT-8 business, with 29 additional XT-8 analyzers placed in end-user laboratories during the second quarter. Adage Capital Management, founded by Phill Gross and Robert Atchinson, holds 2.02 million shares of GenMark Diagnostics Inc (NASDAQ:GNMK) as of June 30.

Disclosure: None

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