Boston, MA 09/15/2014 (wallstreetpr) – Operator of specialty hospitals and outpatient rehabilitation clinics, Select Medical Holdings Corporation (NYSE:SEM) Director Thomas Scully has been selling his indirect holding in the company in the current month. If the number of shares sold in the first two days of trading in September was small, it has increased significantly in the last three days of trading during the last week. This has brought his indirect holding to less than 50% from his earlier holding.
Sell Shares
The Select Medical Holdings Corporation (NYSE:SEM)’s Director has divested 7,207 shares on September 10 at the rate of $13.44 a share, according to Form 4 Filed with the regulator. This has more than doubled to 14,752 shares at the average price of $13.45 on the following day. On September 12, the selling quantity jumped to 21,445 shares at the rate of $13.26.
In the three-day selling period, the Director has sold 43,404 shares indirectly and realized $579,637. These shares were held by WCAS Capital Partners IV, L.P. As a result, the holdings of WCAS Capital have got reduced to 32,063 shares valued around $426,759 from 75,467 shares held before the three-day period. Select Medical Holdings Corporation (NYSE:SEM) director’s direct holding continues to be 143,389 shares worth approximately $1.91 million.
In the first week of September, Scully has sold 1,564 shares and 527 shares from his indirect holding on September 2, and 3 respectively at the rate of $14.00 a share, according to a data from Nasdaq. Another Director, Russell Carson has also sold 12,298 shares on September 2 at the rate of $14.00 a share.
One-Year Insider Activities
There were 44 transactions of trading activities by the insiders in the last three-month period. While 13 trading activities dealt with buying, 31 transactions related to selling of shares. As a result, 1.08 million shares were purchased compared to 1.32 million shares sold by the insiders during the three-month period.
Similarly, for the 12-month period, there were 280 transactions, and 233 activities belonged to selling by the insiders while 47 transactions related to buying. In terms of number of shares, as much as 157.88 million shares were sold compared to 2.23 million shares bought in the last one-year period. This resulted in net selling of 155.65 million shares during the period.
The large scale selling by the insiders has undoubted put the stock in a bearish territory, and there is very little room for upside rewards.
