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.