WeWork shares were trading higher Monday after CEO Sandeep Mathrani disclosed an open-market purchase of the short-term real estate company’s common stock.
In a filing with the Securities and Exchange Commission, Mathrani reported that he bought 29,600 shares at $8.46 each on Friday, boosting his position to 1.76 million shares.
WeWork went public last month through a merger with a special purpose acquisition company. The stock opened for trading at $11.28, but has drifted lower. On Thursday, the price hit a new closing low—$8.36. On Monday, the stock rallied 9.8%, to $9.56.
Last week, WeWork posted third-quarter revenues of $661 million, down 18% from a year ago, but up 11% from the June quarter. Measured by adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, the company lost $356 million in the quarter, narrowing from a loss of $449 million in the June quarter.