TiVo Inc. stock took a beating Monday, dropping as much as 11 percent (88 cents per share) to $6.83 each, after it was disclosed that several company insiders have moved to sell shares.
The stock rallied slightly late Monday to $6.98 each (down 73 cents per share) in 4 p.m. trading.
According to documents filed with the Securities and Exchange Commission Friday, TiVo cofounder, director and chief technology officer James Barton sold the largest block of stock, reporting the sale of 99,832 shares at prices between $6.23 and $6.78 each. He still owns 1.2 million shares.
President Morgan Guenther said he sold 75,000 shares at $6.34 each, leaving him with 170 shares. And chief financial officer David Courtney reported selling 46,296 shares for between $6.26 and $6.46 each -- a move that leaves him with only one TiVo share, according to the filing.
The disclosures came shortly after TiVo stock hit a new 52-week high of $8.10 Friday.
In the third quarter ended Sept. 30, TiVo said it added about 50,000 subscribers -- ending the period with about 510,000 customers -- and narrowed its losses to $11.5 million from $34.5 million the previous year. Revenue rose in the period to $25 million from $5.3 million in the same period last year.