Top Electronic Arts executives are unloading shares in the company by the thousands.
Securities & Exchange (SEC) documents filed last week (and spotted by CVG) show that executives Patrick Soderlund (EVP of EA Games) and Stephen Bene (EA general counsel) sold their entire stake in the company, while COO Peter Moore sold half his shares.
The stock sale comes as EA's share value rocketed to its highest point since 2008 following the company's positive earnings report last week. The day after the sale, shares jumped by a massive 20 percent. Below is a chart showing how the stock sales break down.
We have reached out to EA's corporate communications department for further context surrounding these stock sales. Last year, then-EA Sports head Andrew Wilson unloaded his entire stake in the company. He has since been named CEO of EA.
|Name||Shares sold||Sale Price||Proceeds||Number of shares owned following sale|
Looking ahead, EA has a number of marquee titles on its hands for the fall season, including Dragon Age: Inquisition, The Sims 4, and a "major" Frostbite 3-powered game that will be announced at E3. EA plans to show off six new games during its press conference at the show next month. Star Wars: Battlefront, from Battlefield developer DICE, will also be on-hand during the presentation.