Another ASX 200 CEO has just offloaded almost $3m worth of shares in his company. Here’s the lowdown

The Carsales.com Ltd (ASX: CAR) share price is rebounding from yesterday’s sell-off.

This comes despite the company announcing that its CEO has taken the opportunity to offload a portion of his shares.

At the time of writing, the auto listings company’s shares are up 2.02% to $22.28.

Carsales CEO sells down his holdings

Investors appear unfazed by the company’s latest news, sending the Carsales share price into positive territory.

According to its release, Carsales advised that its CEO Cameron McIntyre disposed 128,150 of his shares for around $2.8 million.

In addition, McIntyre received 79,600 performance rights with a zero exercise price option on 24 August. This was issued at $22.29 per right.

The nature of the change was due to “vesting of performance rights, lapsing of options and lapsing of performance rights.”

Following the adjustment in holdings, McIntyre now has 725,736 direct and indirect Carsales shares including vested and unvested options.

While it is not uncommon for a CEO to sell a parcel of his shares, it has come at an opportune time for McIntyre.

Carsales shares recently hit a near year-to-date high of $23.01 on 15 August and have been trading just below ever since.

Carsales share price summary

Despite its recent gains, the Carsales share price has posted a loss of 7% over the past 12 months.

When looking at year-to-date, its shares are down 9%.

Based on today’s price, Carsales commands a market capitalisation of approximately $7.66 billion with 350.85 million shares on issue.

The post Another ASX 200 CEO has just offloaded almost $3m worth of shares in his company. Here’s the lowdown appeared first on The Motley Fool Australia.

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More reading

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• Why BlueScope, Carsales, Core Lithium, and Nearmap shares are racing higher
• Carsales share price launches 5% as profit lifts to $161m
• Carsales share price on watch as full-year profit jumps 23%

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended carsales.com Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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