Netflix CFO Dumps 100,000 Shares Over $200, Has Just 51,563 Shares Left
Was this the peak of the world's most overpriced stock Netflix? A new Form 4 filing indicates that the first defection in realization of a sinking ship may have occurred. On November 4, Netflix Chief Financial Officer Barry McCarthy sold 100,000 share equivalents, with 91,181 shares sold between $200.36 and $201.11 and the balance from option exercise. The sale has left Barry with just 51,563 shares of NFLX stock. Altogether the proceeds from the transaction are listed as just over $17 million. This also means that in next week's massive insider selling disclosure which we will present on Monday, Netflix will feature prominently in the top 10 of the world's artificially levitating companies. If the CFO believes the time to take profit is in, what does it mean for the millions of other hot potato holders? At last check Netflix was down almost $20 from the all time high hit earlier this week. It has far more to go, especially if as we expect, the company will announce a follow on equity offering shortly.
Form 4 filing below: