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Investors ditch Overstock.com after CEO sells half a million shares

The news drove the sock more than 15% lower Wednesday

Patrick Byrne
Patrick Byrne (pictured) sold the shares in a series of transactions at prices between $12.40 and $13.91 apiece

Overstock.com Inc (NASDAQ:OSTK) shares continued to fall Thursday after an SEC filing Wednesday revealed that its CEO sold 500,000 shares of stock this week.

Patrick Byrne unloaded the shares in a series of transactions at prices between $12.40 and $13.91 apiece. The news drove the stock more than 15% lower Wednesday, closing at $10.87.

READ: Online discount retailer Overstock.com drops on disappointing 4Q results

Shares of the e-commerce retailer have continued to fall Thursday, sliding another 5.5% to $10.27.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Overstock.com Inc.

Price: 9.42 USD

NASDAQ:OSTK
Market: NASDAQ
Market Cap: $332.42 m
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