Michael Aaron Leabman, the Chief Technology Officer of Movano Inc. (NASDAQ: MOVE), 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 now holds 22,639 shares, which are valued at approximately $150,775.74. This transaction represents a 23.22% decrease in his overall position in the company.
The stock sale was disclosed in a filing with the Securities and Exchange Commission (SEC), which can be reviewed in detail on their official website. Leabman’s recent trading activity indicates a strategic adjustment to his holdings within Movano, a health technology company focused on developing wearable devices for continuous biometric monitoring.
Movano Stock Performance and Market Analysis
On the same day as Leabman’s sale, shares of Movano traded down by 1.8%, closing at $6.92. A total of 36,407 shares changed hands, surpassing the company’s average trading volume of 31,867 shares. Movano has experienced a volatile year, with its stock reaching a fifty-two week low of $4.67 and a peak of $58.76.
The company’s market capitalization currently stands at $5.74 million, with a price-to-earnings ratio of -0.64 and a beta of 0.79. As of now, the stock is trading below its fifty-day moving average of $8.86 and its two-hundred-day moving average of $7.57.
Analyst Ratings and Institutional Investments
Several analysts have recently provided insights into Movano’s stock performance. Weiss Ratings reaffirmed a “sell (e+)” rating on October 8, 2023, while Wall Street Zen upgraded the company to a “hold” rating on December 20, 2023. Currently, analysts rate the stock primarily as a “sell,” according to data from MarketBeat.
In addition, institutional investment in Movano is on the rise. Recently, Citadel Advisors LLC acquired a new position in the firm during the third quarter, purchasing 49,262 shares valued at approximately $28,000. This investment gives Citadel about 5.94% ownership of the company as per their latest SEC filing. Overall, institutional investors hold around 16.64% of Movano’s stock.
Movano Health, Inc. focuses on creating accessible, real-time health insights through noninvasive sensors. Their flagship product, a biometric monitoring ring, allows users to track vital health parameters such as heart rate, blood oxygen saturation, skin temperature, and sleep quality.
The recent trading activities and stock performance reflect a significant period for Movano as it navigates the competitive landscape of health technology. Stakeholders will likely keep a close watch on both the company’s management decisions and market responses in the coming weeks.
