Edgar Online Loses Largest Shareholder (EDGR)

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By Douglas A. McIntyre Updated Published

Edgar_logoAll companies gain or lose their largest holders at some point, and today the arrow stopped on EDGAR Online Inc. (NASDAQ: EDGR).  Edgar Online lost its largest shareholder yesterday according to an SEC filing made today.  The OHIO STRS (state teachers retirement) fund sold out of all 2.9844 million shares of common stock. 

The share sale was listed as yesterday at an average price of $1.25.This was an 11.38% stake according to our data.  That would explain thehuge surge in volume yesterday and would explain an intra-day tradingrange of $1.25 to $1.43 yesterday.  Shares did actually rise more than12% today to $1.61, so maybe one of the other holders took a muchlarger stake.

Normally when funds unload positions entirely, they tend to VWAP out ofthem for a certain portion each day.  But with over a 10% share theymay have had no choice.

It seems that selling so much data in subscription form when it isavailable on so many sources for free isn’t quite what the OhioTeachers pension managers decided was a great call.  Based on the stock reaction to the sale since yesterday, you might determine that the small company is better off without the retirement system owning any shares after all.

Jon C. Ogg
August 7, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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