BREAKING: Strategy Director Sells Another 1500 MSTR Stocks, Net Profit Climbs to $9 Million
Highlights
- Strategy Inc director Jarrod Patten offloaded another 1500 MSTR stocks as price falls.
- Patten has made $9 million in the last 3 months from selling MSTR stocks amid insider sales.
- STRC preferred stock also plunged to a record low of $89 amid BTC selling risks.
- MSTR stock price is trading up 1% after closing 5.09% lower a day ago.
Strategy Inc director offloaded another 1500 shares as MSTR stock price continues to fall. This marks his first sale since Michael Saylor’s MicroStrategy sold 32 Bitcoin last month.
MSTR stock price is trading nearly 1% up today after falling more than 5% on Wednesday Saylor prioritizes STRC stock dividends over Bitcoin.
Strategy Director Jarrod Patten Sold $9 Million Class A Common Shares
According to the latest SEC filing, Strategy director Jarrod Patten exercised stock options to acquire 1,500 MSTR Class A stock at the strike price of $18.236. He immediately sold those 1,500 shares on the open market at $134 earlier this week, making $200,951 in profit.
Notably, Jarrod Patten has sold 55,750 MSTR stocks in the last 3 months amid share dilution, lower analyst forecasts, and falling Bitcoin prices. He has made almost $9 million in profit from the selling spree, as per another filing.
The last major 15,050 MSTR stock sales came just before Michael Saylor announced that MicroStrategy sold 32 Bitcoin worth $2.5 million to pay STRC dividends.
After the latest sale, Strategy director Patten still owns 28,406 Class A common shares, positions in various Series A perpetual preferred stocks, and 44,250 remaining director stock options.
Jarrod Patten has been heavily selling the company’s shares in the last few months amid insider sales. As CoinGape reported earlier, Strategy CFO Andrew Kang and Jarrod Patten sold MicroStrategy shares amid weakness despite NASDAQ hitting new highs.
In March, Strategy CEO Phong Le, CFO Andrew Kang, and former executive vice president Wei-Ming Shao sold MSTR stock worth millions.
MSTR Stock Price Under Pressure
MSTR stock price closed 5.09% lower at $116.56 on Wednesday amid a broader selloff in US stock and crypto markets as the Federal Reserve’s hawkish stance. The intraday low and high were $116.36 and $125.42, respectively. Trading volume was also below the average volume of 18 million.
In the premarket trading hours, MSTR stock price is trading 1.23% higher at $117.90 today amid the US-Iran peace deal. The stock is still down 30% in a month.
Meanwhile, Strategy’s STRC preferred stock plunged to a record low of $89, falling 11% below its $100 target price. It has raised fresh questions about whether Strategy would further dilute MSTR Class A common stock to fund Bitcoin purchases. Strategy’s EVP Thomas Chow has purchased 100 Stretch (STRC) shares and 11 (STRK) shares amid recent dips.
Analysts from TD Cowen, Citigroup, Bernstein, and BTIG have maintained their price targets for MSTR stock. Bernstein analyst Gautam Chhugani reiterated a buy rating and maintained a 12-month price target of $450.
Bitcoin has tumbled more than 3% over the past few days amid profit booking, trading at $64,220 at press time. The 24-hour high and low are $66,354 and $63,636, respectively. Trading volume has increased by 23% over the past few hours.
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