BREAKING: Strategy Director Jarrod Patten Sells Another 700 MSTR Stocks
Highlights
- Strategy Director Jarrod Patten offloads another 700 MSTR stocks.
- He has sold 2,100 MicroStrategy shares in a week.
- Stock remains under pressure as it closes in red for 8 consecutive months.
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.
MSTR 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.
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.
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