The stock sales, while perfectly legal experts stressed, may mean Mattel’s brass believe the pink tide that lifted the company’s value has crested, according to VerityData, an investment research firm that tracks insider buying, selling and buyback activity.
The Barbie movie was released on July 21 and has already grossed more than $1 billion at the box office.Five senior Mattel executive sold 275,800 shares over the past 10 days according to government filings. The average sale price of $21.21 netted them about $4.2 million, according to VerityData.Since July 31, Mattel officers have dumped more shares than the 248,000 sold by insiders in the previous 9.5 years, Silverman said.
“Seeing five executives trading all at once, raises questions,” said Thomas Gorman, a former SEC official and current partner in law firm Dorsey & Whitney. “You don’t usually see that kind of a pattern coming out of a sophisticated company like Mattel.”
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