Shares of cloud-based communication platform Domo (DOMO) - Get Report  were rising Wednesday after CEO Joshua James bought 60,000 shares of the company at an average price of $17 a share. 

The total cost of the purchase was $1 million. 

Last week, shares of Domo dropped after the company reported a fiscal second-quarter loss that was narrower than analysts' forecasts but revenue that came up short, and issued and a less-rosy outlook for fiscal 2020. 

The Silicon Slopes, Utah-based company posted a non-GAAP loss of $26.4 million, or 96 cents a share, vs. $36.2 million, or $3.44 a share, in the comparable year-ago quarter. Analysts polled by FactSet had been expecting a loss of 99 cents a share.

Revenue rang in at $34.9 million vs. $28.2 million a year ago, but was still about $10 million shy of analysts' expectations of $44.3 million.