Carbo’s Earnings Miss Slump Spurs Insider Buy

by BRYAN FINNIGAN, Benzinga Staff Writer

November 1, 2016 12:02 PM | 1 min read | Make a Comment

CARBO Ceramics Inc.CRR

President and CEO Gary Kolstad acquired 10,000 shares at an average price of $6.04 on Monday, totaling

. His purchase comes after a steep decline in share price over the month of October, possibly offering a 45 percent premium on the shares.

On October 27, Carbo reported worse-than-expected revenue, missing analyst estimates by $0.09 ($(0.81) versus the estimated $(0.72), revenue at $20.2 million versus the estimate of $25.78 million). In the days following, the company’s share price fell nearly 40 percent from $9.78 to around $5.70 on Monday.

Kolstad’s purchase may be an indication of where he thinks the key resistance lies and how the price of Carbo shares may rebound.

At last check, Carbo was down 1.15 percent at $6.03.

Market News and Data brought to you by Benzinga APIs

Posted In: News Commodities Management Insider Trades Markets Movers Gary Kolstad

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!