Six Sportradar directors are showing their confidence in the company with open market purchases of the company’s stock.
The purchases were all made on Thursday, two days after the company reported its first-quarter earnings earlier than expected to help tell their side of the story. Sportradar denied the allegations from two short sellers that as much as 40% of the company’s revenue comes from unregulated markets, but the stock still suffered, falling more than 22% the day the reports came out.
Analysts noted the reaction seemed overstated with the lower price serving as a buying opportunity, which CEO Carsten Koerl said he will take advantage of with his own $10 million purchase on the open market. None of Monday’s form 4s were from Koerl’s planned purchase.
The stock reacted positively to the insider purchase reports, which came out around 7:30 a.m. Eastern. Shares opened at $13.56, up 2.3% from Friday’s close.
Largest Sportradar buys
Chairman Jeff Yabuki made three separate purchases, one directly and the other two through his family foundation.
Yabuki bought 3,000 shares directly at $13 each to give him 87,267 directly owned shares. He also bought 5,000 shares at $12.88 each and another 2,000 at $13 each through the Yabuki Family Foundation. The foundation now owns 324,905 shares. Yabuki also owns 170,602 indirectly through Lion Sky LLC for a total of 582,773 shares owned directly or indirectly.
Yabuki’s 10,000 shares purchased ranked second out of all the director purchases, but was a distant runner up to Director Marc Walder’s purchase.
Walder spent nearly $850,000 on 66,000 shares at $12.77 each. He now directly owns 342,563 shares.
Details of other open market buys
Four other directors combined to buy just under 28,000 total shares:
- Rajani Ramanathan bought 8,003 shares directly at $12.495 each and now owns 38,947 shares directly.
- William Kurtz bought 8,000 shares at an average price of $12.97 each. He now owns 30,179 directly.
- George Fleet bought 7,850 shares at an average price of $12.73, giving him 160,873 shares owned directly.
- Deirdre Bigley bought 3,940 shares indirectly at $12.57 each. She now owns 13,897 shares indirectly through the Deirdre M. Bigley 2021 Rev Trust and another 7,469 shares directly.
