By Christiana Sciaudone
Investing.com — SmileDirectClub (NASDAQ:SDC) soared more than 22% after Chief Executive Officer David Katzman snapped up shares of the company.
Katzman spent at least $97 million, buying 12.78 million shares at between $7.63 and $8.25 a piece, according to a filing with the Securities and Exchange Commission.
On Aug. 13, shares sank 15%, after the company missed profit estimates. The loss per share of 25 cents was worse than the expected loss of 13 cents per share, according to analysts tracked by Investing.com. Sales of $107.1 million fell 45% from last year’s second quarter but beat estimated revenue of $83.2 million.
Shares are trading around $9.66, down from the September 2019 IPO price of $23 a share.
SmileDirectClub has six buy ratings, one hold and one sell.
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