Odyssey Marine Exploration, Inc. (NASDAQ:OMEX) Major Shareholder Gallardo Juan Antonio Cortina Sells 96,409 Shares

Key Points

• Gallardo Juan Antonio Cortina, a major shareholder of Odyssey Marine Exploration, sold 96,409 shares for a total of $163,895.30, which represents a 3.24% reduction in his ownership stake.
• Recent stock transactions included two additional sales by Cortina totaling over $1.5 million in shares sold within the span of a few days.
• Wall Street analysts have recently downgraded Odyssey Marine Exploration's stock rating from "hold" to "sell", reflecting growing concerns about its performance.

Odyssey Marine Exploration, Inc. (NASDAQ:OMEX - Get Free Report) major shareholder Gallardo Juan Antonio Cortina sold 96,409 shares of the company's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $1.70, for a total transaction of $163,895.30. Following the sale, the insider owned 2,874,689 shares of the company's stock, valued at approximately $4,886,971.30. The trade was a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Gallardo Juan Antonio Cortina also recently made the following trade(s):

• On Tuesday, July 22nd, Gallardo Juan Antonio Cortina sold 409,100 shares of Odyssey Marine Exploration stock. The shares were sold at an average price of $1.70, for a total value of $695,470.00.
• On Friday, July 18th, Gallardo Juan Antonio Cortina sold 473,591 shares of Odyssey Marine Exploration stock. The shares were sold at an average price of $1.72, for a total value of $814,576.52.

Odyssey Marine Exploration Stock Performance

OMEX stock traded up $0.04 during midday trading on Monday, reaching $1.53. The company's stock had a trading volume of 432,308 shares, compared to its average volume of 7,938,256. The stock has a fifty day simple moving average of $1.38 and a two-hundred day simple moving average of $0.90. Odyssey Marine Exploration, Inc. has a 1 year low of $0.27 and a 1 year high of $5.25.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut Odyssey Marine Exploration from a "hold" rating to a "sell" rating in a research report on Sunday, August 10th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Two Sigma Investments LP acquired a new stake in shares of Odyssey Marine Exploration in the fourth quarter worth $25,000. XTX Topco Ltd boosted its stake in Odyssey Marine Exploration by 225.5% during the fourth quarter. XTX Topco Ltd now owns 41,778 shares of the business services provider's stock worth $30,000 after buying an additional 28,943 shares during the last quarter. Voisard Asset Management Group Inc. grew its stake in shares of Odyssey Marine Exploration by 59.1% in the 2nd quarter. Voisard Asset Management Group Inc. now owns 35,000 shares of the business services provider's stock valued at $41,000 after buying an additional 13,000 shares during the period. L. Roy Papp & Associates LLP purchased a new stake in Odyssey Marine Exploration in the 1st quarter valued at about $61,000. Finally, Two Seas Capital LP boosted its position in shares of Odyssey Marine Exploration by 2,449.0% during the fourth quarter. Two Seas Capital LP now owns 2,549,049 shares of the business services provider's stock worth $1,835,000 after buying an additional 2,449,049 shares during the period. 49.96% of the stock is owned by institutional investors and hedge funds.

About Odyssey Marine Exploration

Odyssey Marine Exploration, Inc, together with its subsidiaries, discovers, validates, and develops seafloor mineral resources worldwide. The company provides specialized mineral exploration, project development, and marine services to clients. Odyssey Marine Exploration, Inc was founded in 1994 and is headquartered in Tampa, Florida.