During speculation of a possible takeover of Dreamworks Animation by Softbank which didn’t pan out in the end, Dreamworks CEO Jeffrey Katzenberg sold 432, 214 shares of his own company at an average price of $28, according to InterCooler. Katzenberg still owns 218, 410 shares for a value of just over $6 million. His sale on Monday yielded over $11 million. Analysts have a consensus “Hold” rating on the stock, with an average target price of $23.38.
The stock fell 1.9% on Wednesday and dropped to around $26 a share. On Monday, there was a 784% increase in call options on Dreamworks. In its July 29th earnings, the stock missed analyst estimates by 16 cents, and posted lower than expected revenues. The company’s performance has been seen as volatile, with hits like “How to Train Your Dragon 2” bringing in healthy sales, while other titles have been lackluster.