BREAKING: Strategy CFO Andrew Kang, Director Jarrod Patten on MSTR Stock Selling Spree
Highlights
- Strategy CFO Andrew Kang sold 5,597 MSTR shares, per latest SEC disclosure.
- Strategy director Jarrod M. Patten sold 5,250 MSTR stocks in the last few days.
- MSTR stock price has tumbled almost 10% in a week amid insider selling.
Strategy continues to boost its Bitcoin holdings with STRC perpetual preferred shares and MSTR stock. However, MicroStrategy CFO Andrew Kang and director Jarrod Patten are liquidating their stockholdings this week.
As a result, MSTR stock price has dropped by more than 9% over the week. The stock is also dropping today amid Bitcoin selling pressure.
Strategy CFO Andrew Kang and Director Jarrod Patten Selling MSTR Stock
Strategy Inc executives have filed multiple Form 4 and Form 144 disclosures with the US SEC detailing recent sales of MSTR Class A common stock, sparking discussions of selling spree by key insiders.
Andrew Kang, EVP and CFO at Strategy, received 12,500 shares from vesting restricted stock units (RSUs). The following day, he sold 5,597 shares worth $927,866 at prices around $163.98 to $166.00 to cover tax withholding obligations.
Andrew Kang holds almost 33,675 MSTR stocks, along with positions in various Series A Perpetual Preferred Stocks. Notably, Kang has also sold 916 and 2373 stocks in the last 3 months.
On the other hand, Strategy director Jarrod Patten has sold massive shareholdings in the last few months. MicroStrategy share dilution, lower analyst forecasts, and a massive correction in the US stock market amid the US-Iran war have turned investors cautious.
Director Jarrod M. Patten sold 5,250 MSTR stocks in the last few days. Following the reported transactions, Patten’s direct ownership in Class A Common Stock stands at 28,000 shares. In addition, he holds various Series A Perpetual Preferred stocks.
Shares Falling amid Bitcoin Selling Pressure
MSTR stock price closed 0.58% lower at $164.85 on Thursday amid a broader sell-off in US stock and crypto markets. The intraday low and high were $162.40 and $168.71, respectively. Trading volume was also below the average volume of 18 million.
In premarket trading today, MSTR stock is trading 0.20% lower at $164.20. The stock has erased more than 9% in a week. MicroStrategy stock is up 5% year-to-date but down almost 58% over the past year.
Analysts from TD Cowen retained a buy rating and raised price target to $400 for MSTR stock. Also, Bernstein analyst Gautam Chhugani has set a 12-month price target of $450.
Bitcoin is trading at $77,384, with a 24-hour low and high of $76,655 and $78,004, respectively. Options data indicated traders are targeting a fall in Bitcoin price to $75,000 amid multiple headwinds.
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