Strategy Inc board director Jarrod Patten offloads another 700 shares as MSTR stock price falls more than 20% YTD. He continues to sell shares, with 2,100 shares sold in a week.
MicroStrategy Class A stock is facing selling pressure amid share dilution, lower analyst forecasts, and a massive correction in the US stock market amid the US-Iran war.
Strategy Director Jarrod Patten Sells More Class A Common Shares
According to the latest SEC filing, Strategy director Jarrod Patten sold another 700 MSTR Class A common stock worth $87,248. The latest selloff comes following recent insider sales by CEO Phong Le, CFO Andrew Kang, and former executive vice president Wei-Ming Shao.
Jarrod Patten has been heavily selling the company shares in the last few days. As CoinGape reported earlier, Patten started selling MicroStrategy shares after almost a year.
Notably, Patten exercised options to acquire 700 shares at an exercise price of $18.654 per share. He immediately sold those 700 shares in the open market at $128.04 per share.
In a week, he has sold 2,100 MSTR stocks. While Strategy paused Bitcoin buying, recent stock dilutions weighed on investor sentiment as the stock market fell nearly 10% amid Middle East tensions.
Strategy Director Jarrod Patten Sells MSTR Stock. Source: US SECMSTR Stock Remains Under Selling Pressure
MSTR stock price closed 2.79% higher at $125.82 on Tuesday as Trump confirmed the Iran war would end in 2-3 weeks. The intraday low and high were $117.76 and $125.30, respectively.
Trading volume increased significantly, but remains slightly below the average volume of 22 million. MSTR stock closed in the red again in March, extending its selling streak to 8 consecutive months. Selloff by Strategy director Jarrod Patten has also contributed to increased selling pressure.
MSTR Stock Closes in Red for 8th Consecutive Month.In the premarket trading hours on Wednesday, MSTR stock price is trading 0.84% higher at $129.75 today. The stock has dropped more than 20% YTD and 60% in the last 6 months.
MicroStrategy stock is under pressure after Citigroup lowered its 12-month price target from $325 to $260. However, Bernstein analyst Gautam Chhugani recommended buying the shares, with a 12-month price target of $450.
Bitcoin price jumped by more than 2% to trade near $69K as the UAE pushes to reopen the Strait of Hormuz, joining the US and allies. The 24-hour low and high are $65,950 and $69,230, respectively.
Source: https://coingape.com/news/stocks/strategy-director-jarrod-patten-sells-another-700-mstr-stocks/
