Movano Inc. (NASDAQ:MOVE) announced that its Chief Technology Officer, Michael Aaron Leabman, sold 6,845 shares of the company’s stock on January 14, 2024. The shares were sold at an average price of $6.66, resulting in a total transaction value of $45,587.70. Following this sale, Leabman retains 22,639 shares, which are valued at approximately $150,775.74. This transaction represents a 23.22% decrease in his position within the company.
The sale was recorded in a filing with the Securities and Exchange Commission (SEC), which provides transparency regarding insider trading activities.
Movano’s Stock Activity
On the day of the sale, shares of Movano experienced a decline of 1.8%, trading down by $0.13 to reach a price of $6.92. A total of 36,407 shares changed hands, which is higher than the company’s average trading volume of 31,867 shares. Over the past year, Movano’s stock has fluctuated significantly, with a 52-week low of $4.67 and a 52-week high of $58.76. The company currently holds a market capitalization of $5.74 million, a price-to-earnings ratio of -0.64, and a beta of 0.79. The fifty-day moving average price stands at $8.86, with a 200-day moving average of $7.57.
Analyst Ratings and Institutional Activity
Recent evaluations from analysts reflect a cautious outlook on Movano’s stock. On October 8, 2023, Weiss Ratings reaffirmed a “sell (e+)” rating for Movano shares. Contrarily, Wall Street Zen upgraded the stock to a “hold” rating on December 20, 2023. As of now, the average rating among analysts remains a “sell,” as per data from MarketBeat.
In a notable development, Citadel Advisors LLC acquired a new position in Movano during the third quarter, purchasing 49,262 shares valued at approximately $28,000. According to their latest SEC filing, Citadel Advisors now holds about 5.94% of Movano’s shares. Overall, institutional investors own around 16.64% of the company’s stock, reflecting a growing interest from larger financial entities.
Movano Inc. focuses on health technology, specifically developing wearable devices for continuous biometric monitoring. Its flagship product, a biometric monitoring ring, is designed to provide real-time health insights by measuring vital parameters such as heart rate, blood oxygen saturation, skin temperature, and sleep quality. This innovation aims to empower individuals and healthcare teams with noninvasive tools for tracking health metrics outside traditional clinical settings.
