Putting his money where his job is, Millennial Media CEO Michael Barrett spent $1 million to buy company stock less than week after a grim earnings report sent its share price tumbling.
Barrett's purchases helped boost the Baltimore-based mobile advertising company's stock Wednesday, when it closed up 27 cents a share at $3.82 each.
Barrett bought 140,000 shares at $3.43 apiece Monday and 151,000 shares at $3.46 apiece Tuesday, according to a Securities and Exchange Commission filing. Barrett, who was named CEO after Millennial founder Paul Palmieri's sudden departure in January, increased his ownership stake by two-thirds, to a total of nearly 750,000 shares.
Millennial announced widened losses and lower-than-expected projections for the rest of the year May 7, and by the end of last week, its stock lost more than 40 percent of its value. It has struggled as larger competitors such as Facebook and Google increasingly focused their advertising efforts on mobile.
Palmieri remains as one of the company's largest stockholders, with more than 5.4 million shares, a 5.1 percent stake, as of the filing of the company's annual shareholder proxy statement last month.
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