So, from Nov 8th to Dec 16th Mr. Goldstein unloaded a grand total of 124,198 shares for approximately $1,571,278.00.....giving him an average sale price per share of $12.65.
Considering where the share price is now ($9.15), had he held on to those shares like a good little Executive VP they would only be worth $1,135,169.00.
By dumping those shares last quarter he's made $436,109.00 versus the current share price.
And as you can see by the slide in the price from his first sale on 11/8 @ 13.00 to his last sale on 12/16 @11.38, there is no doubt in my mind that Mr. Goldstein's profit-taking was adding to the downward pressure on this stock.
I'm not saying that insiders are never allowed to sell their shares, but they should have been more responsible about it. Saga should have made a public statement at the time regarding those insider sales by Goldstein, to reassure the market about management's commitment to the company, and to explain that the reason for the sales is not a crisis of confidence in the company. Many companies routinely do just that because they care about preserving their share price and preserving their shareholder's wealth, and they do not want their actions to be misconstrued by the market as a lack of confidence.
$9.00 isn't the bottom for this stock. If it is, why doesn't Mr. Goldstein buy back his 124,198 shares so he can make a half a million bucks when the price goes back up?
Well...another year, another big ol' chunk of Steve Goldstein's stock is sold off. Let's see how he did this year: 12/9/08: 5,000 shares @ $2.46-$2.55 per share 12/11/08: 11,000 shares @ $2.40-$2.41 per share 12/15/08: 4,900 shares @ $2.00 - $2.05 per share 12/16/08: 17,986 shares @ $1.74 - $2.02 per share
Share price currently stands at about a buck-fitty. Hope the rest of you caught on to the pattern....I've been shorting this dog stock in November for the past two years to catch the "Annual Goldstein Bomb" in December. 50% returns in about 2 months. Thanking you kindly for the happy, happy holidays yet again this year--keep up the great work, Steve!
No previous note of your short so it's suspect. Why wouldn't you have shorted in September when it was at $6.? But I do credit you for your diligence over time in calling attention to his predictability- good work.
The current price though- IMHO- reflects poor revenues and poor anticipated performance and is likely still a good short in the buck eighty range. It's budget season and the cuts are coming in the next two weeks. It will be interesting to see the extent of that. But the split will result in further decline so...
Ladies and Gentlemen--The 3rd Annual Goldstein Share Dump has come to pass! 35,000 shares in the first half of this month....a cool quarter of a million dollars worth--at least that's what they were worth then...when the share price was a buck-fifty higher--just ask the poor suckers who bought the shares he dumped.
LOL! I guess this means we'll be at $3 and change by the time next year rolls around, huh! Does he even have any shares left to dump next year? 'Cause he and the management team sure as hell don't seem to be buying at these incredible "fire sale" prices.
What a dog this stock is. Maybe if they try real hard this stock could land on the Pink Sheets by the end of 2008.