Activision CEO Bobby Kotick and co-chairman of the board Brian Kelly sold off almost $60M worth of the company’s stock last week.
Kotick, who had sold a big chunk in March, filed to sell 1.5 million shares worth about $17 million and Kelly cashed in $42 million by putting 3.6 million shares on the market. See the company’s insider sales here.
It may have been a small window of opportunity for the company’s executives to sell shares but it comes with the stock up about 30% since the beginning of the year. It could be that they execs need to do some “estate planning” or some other functional reason. It could also be some ill winds blowing across the gaming sector. Retailer GameStop said on Friday that same store sales were weak and its outlook cloudy for the second quarter.