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After enjoying a terrific month of August, in which shares soared 37.5% after "missing" on earnings but delivering on free cash flow, credit card stock CPI Card Group (NASDAQ: PMTS) is giving back nearly all its gains this morning.
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If you recall, CPI stock first sold off -- then took off like a rocket -- after the manufacturer of credit cards and debit cards confirmed it generated $25.9 million in positive free cash flow last quarter. This morning, someone decided to cash in on that good news, as CPI announced a big sale of insider shares on the "secondary" market.
Specifically, the company announced that "major stockholder" Parallel49 Equity is selling somewhere between 2.3 million and 2.7 million shares, depending on whether underwriters exercise their overallotment options. Worse news for shareholders, Parallel49 is selling at the rock-bottom price of $21.50 per share.