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Blonder Tongue Stock Spikes as Executives Lift Holdings

Shares of Blonder Tongue Labs, the video-transmission-tech provider, more than quadrupled as executives have increased their holdings.
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Shares of Blonder Tongue Labs  (BDR) - Get Blonder Tongue Laboratories, Inc. Report more than quadrupled on Wednesday as four company insiders have increased their stockholdings. 

In a statement, the Old Bridge, N.J., provider of video-transmission technology for cable TV said that it "knows of no reason for the recent increase in the price and trading volume of its stock. 

"There have been no material developments or change in circumstances with respect to the company's ongoing business activities since the company issued its second-quarter earnings release" on Aug. 7.

Securities and Exchange Commission filings showed that Blonder Tongue officials have been buying shares of the company.

President and Chief Executive Grauch Rowland has steadily built his equity in the company. As of Aug. 14 he held 272,282 shares, compared with 195,735 shares at the start of the year. 

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Alterio Vincent, Blonder's senior vice president of engineering and chief technology officer, has purchased more than 1,000 shares every two weeks since late May. As of Aug. 14, he held 23,000 shares, up from 15,000 shares. 

Chief Financial Officer Eric Skolnik has also purchased shares in the past three months, increasing his holdings to more than 13,000 in mid-August from about 9,400 shares in late May.

And Horvath Allen, senior vice president of operations, held 77,212 shares as of last Friday compared with 61,053 in late May.

For the second quarter, Blonder Tongue reported that its loss widened to 12 cents a share from 9 cents in the year-earlier period. Sales dropped 30% to $3.8 million from $5.4 million.

Blonder shares at last check were trading at $3.35, up from 76 cents on Aug. 18. The stock has traded on Wednesday as high as $3.80, 10 times its 52-week low of 38 cents a share, set on April 27.