Zynga COO Clive Downie offloaded 11,132 shares on the open market in a transaction that took place on Tuesday, Feb. 24. Downie sold the shares at an average price of $2.30 each for a total transaction of about $25,600. After the transaction, Downie now owns 123,858 shares, valued at approximately $284,900, according to an SEC filing.
More insider selling
On Feb. 17, Downie sold another 12,650 shares of Zynga stock at an average price of $2.32 for a total transaction of $29,348. On Wednesday, Zynga stock closed up by 0.43%, and year to date, shares are down by over 12%.
Zynga stock has been lying low for a while now. From an investor’s point of view, the company has not done anything right, and just before the fourth quarter earnings report, the stock dropped 16% as analysts called for the resignation of CEO Don Mattrick. Little is known on how the game maker plans to move forward to end its struggle.
Top value fund managers are ready for the small cap bear market to be done
During the bull market, small caps haven't been performing well, but some believe that could be about to change. Breach Inlet Founder and Portfolio Manager Chris Colvin and Gradient Investments President Michael Binger both expect small caps to take off. Q1 2020 hedge fund letters, conferences and more However, not everyone is convinced. BTIG strategist Read More
However, we may get some details soon as, Mattrick will present at the Morgan Stanley Technology, Media & Telecom Conference in San Francisco on March 5.
Former Zynga director joins Scopely
In a separate news, former Zynga director Roy Rosenthal has moved to Scopely, a mobile gaming network. At Scopely, Rosenthal has been appointed as the new general counsel and head of affairs. Rosenthal joined Scopely after serving Zynga as senior counsel and director of business affairs for almost three years. At Zynga, Rosenthal headed the company’s commercial legal team and supervised its business affairs. Before joining the game maker, he worked with Shazam, a music identification service, in the capacity of director of business and legal affairs.
“I hope Scopely can benefit from my experience and perspective from Zynga and Shazam – particularly from Zynga, which is operating in much of the same space as Scopely,” Rosenthal said.
The executive said he is excited about the opportunities, visions, size and reach that are in front of him in the tech, gaming and entertainment industry. “And if people knew what I know about where we’re headed, you wouldn’t need to ask why I was inspired to join. It was a no brainer,” he said.