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Business

May. 14, 2014 12:24 pm

Millennial CEO makes million-dollar stock purchase

Millennial Media CEO Michael Barrett purchased nearly $1 million in company stock this week, an apparent effort to bolster investors’ outlooks after Millennial reported a massive quarterly loss.

The Baltimore Business Journal reports Barrett bought 291,000 shares of the Canton company’s stock between Monday and Tuesday. The move was clearly an effort to reverse a stretch of bad news for the public company.

Barrett’s investment seems to have been an encouraging sign to investors after astring of bad news for Millennial. As of 10:30 a.m. Wednesday, Millennial stock was up 8.73 percent, at $3.86 a share.

Last week, as Technically Baltimore reported, Millennial recorded a $12.9 million loss for the first quarter of 2014. CFO Michael Avon announced his departure effective June.

Read the full story at the Baltimore Business Journal.

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