Google shares rise as lockup ends

Trading volume in shares of Web search leader Google Inc. spiked Monday, sending shares about 3 percent higher as insider selling restrictions lifted on about 62 percent of outstanding shares, the biggest and final in a wave of such expirations.

Google's stock rose $5.59 to close at $192.99 on the Nasdaq. Volume was about 3.6 times average, with 38.5 million shares changing hands.

In a move to avoid a large sell-off following its mid-August initial public offering, stock sales by Google insiders were restricted during the first six months after the stock's debut.

Some 177 million shares held by insiders were released for trade Monday, nearly double the number that have become available in the months since Google's IPO. Shares fell slightly after the lock-up expiration in mid-November, which released 39 million shares for trade.

Google shares came to market at $85, touched a record $216.80 in early February after the company reported better-than-expected earnings and have generally been moving lower since.

"Everyone knew that the lock-up period is over and more shares were available to come to the market. Much of the recent downward action seen in the stock price after early February earnings was attributable to the impending lock-up expiry," said Tim Biggam, chief options strategist at Man Financial.

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"I think Google shares are fairly valued and should remain in the approximate trading range of $180 to $205," Biggam said.

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Google options volume also was active Monday.

A combined total of roughly 120,503 calls and 94,456 puts changed hands across the U.S. options exchanges, up from Friday's total turnover of 149,967 contracts, according to market research firm Track Data.

An equity call is a contract that gives the holder the right to buy a fixed number of shares of the underlying stock, in this case Google, at a stated price on or before its expiration date. A put gives the holder the right to sell the stock.