Mitchell Young Williams Sells 72,689 Shares of Biosig Technologies (NASDAQ:STEX) Stock

Key Points

• Insider sale: CIO Mitchell Young Williams sold 72,689 Biosig Technologies shares for $52,336.08 to cover tax withholding tied to vested equity awards, reducing his holdings by 2.46% to 2.89 million shares.
• Weak stock performance: STEX recently traded at $0.69, near its one-year low of $0.66, with shares below both their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.08 per share and $0.15 million in revenue.
• Mixed outlook: Biosig authorized a repurchase of up to 5.5% of its shares, while analyst opinions remain divided; the consensus rating is “Hold” with a $4.00 price target.

Biosig Technologies, Inc. (NASDAQ:STEX - Get Free Report) CIO Mitchell Young Williams sold 72,689 shares of Biosig Technologies stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $0.72, for a total transaction of $52,336.08. Following the completion of the transaction, the executive directly owned 2,885,814 shares in the company, valued at approximately $2,077,786.08. This represents a 2.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Biosig Technologies Price Performance

Shares of NASDAQ STEX traded down $0.03 during trading hours on Thursday, hitting $0.69. 839,240 shares of the stock were exchanged, compared to its average volume of 1,675,730. The company's 50 day moving average is $0.82 and its 200 day moving average is $1.17. The firm has a market capitalization of $80.37 million, a P/E ratio of -0.08 and a beta of 2.01. Biosig Technologies, Inc. has a one year low of $0.66 and a one year high of $7.44.

Biosig Technologies (NASDAQ:STEX - Get Free Report) last announced its earnings results on Friday, August 14th. The company reported ($0.08) EPS for the quarter. The company had revenue of $0.15 million for the quarter.

Biosig Technologies announced that its Board of Directors has initiated a stock buyback plan on Tuesday, July 7th that allows the company to repurchase 10,000,000,000,000 outstanding shares. This repurchase authorization allows the company to purchase up to 5.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

STEX has been the subject of several research analyst reports. Wall Street Zen raised Biosig Technologies from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 22nd. Needham & Company LLC lowered their target price on Biosig Technologies to $4.00 and set a "buy" rating on the stock in a report on Tuesday, August 18th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Biosig Technologies in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $4.00.

About Biosig Technologies

Biosig Technologies NASDAQ: STEX is a medical technology company focused on developing advanced signal acquisition and processing solutions for cardiac electrophysiology. The company’s work centers on improving the clarity and interpretability of intracardiac signals captured during electrophysiology procedures, with the goal of helping clinicians identify arrhythmogenic substrates and make more informed procedural decisions.

Its primary offering is a signal-processing platform that combines proprietary hardware and software to amplify, filter and display intracardiac electrical activity with reduced noise and distortion.

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