Newmark Group CEO Barry Gosin bought $8 million worth of company shares this week, sending the stock price climbing nearly 7 percent Tuesday.
Gosin, who helped steer the company toward its initial public offering one year ago, bought slightly more than 890,000 shares in two transactions Monday and Tuesday at a weighted average of just over $9 per share, filings with the Securities Exchange Commissions show.
The purchase increased Gosin’s holdings in the company to 2.1 million shares, or about 1.5 percent of the firm’s 138.94 million outstanding shares.
Gosin could not be immediately reached for comment.
Newmark Group’s stock price rose following the news on Tuesday, climbing 6.7 percent to close at $9.13 per share. The price was still climbing as high as $9.66 per share by late Wednesday morning.
Still, the company has a long way to go in order to make up ground for a disappointing year. Its stock price is down more than 40 percent from its peak of $16.61 per share on Jan. 1. Newmark’s pricing in its December 2017 initial public offering was $14 per share.
Analysts said the stock had been weighed down by Newmark’s delayed spinoff from its parent company, BGC Partners, which it completed late last month.
Newmark isn’t the only firm seeing stock prices take a hit. Many public real estate firms a re watching their valuations slide, as private companies continue to land investments pushing their values ever-higher, a trend The Real Deal reported in its December cover story.