Another SEC filing showed that Jupitermedia's president-COO, Christopher Cardell, also exercised options and sold 100,000 shares.
In the wake of the sales, Jupitermedia's stock tumbled 10.4%, falling from a Thursday close of $16.31 per share to a Friday close of $14.61 per share.
While short sellers were gleeful on Internet message boards—"free money," crowed one post—the stock was on the rebound in early trading Monday.
In an interview with Dow Jones Newswires, Meckler said, "We're very bullish on the company. The company has performed above and beyond my expectations and I think it will continue to do so."