NEW YORK (TheStreet) -- Shares of Twitter (TWTR) are down 2.09% to $35.66 today as seven insiders of the micro-blogging site, including a founder and former CEO, sold 1,181,619 shares for $44,892,077, for an price average of $37.99 each, from December 1 through December 23, Barron's reports.
The sales were made through 10b5-1 plans and came as Twitter shares find themselves losing altitude, Barron's said. The stock is down over 14.5% since the first of the month.
Notably, former CEO and co-founder Evan Williams sold 744,000 indirectly held Twitter shares for $27,880,633. He now indirectly and directly holds 54,107,093 shares, a stake of 8.52%, down from 8.64%.
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"We see a couple insiders finally deciding to opt into their shares by exercising options and not selling more, but the fact that we don't see more opting in is leaning more negative. It's still indicating that shares are not a bargain here," InsiderInsights told Barron's.
Separately, TheStreet Ratings team rates TWITTER INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate TWITTER INC (TWTR) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been generally deteriorating net income."