BitMine stock falls after CEO change and board appointments
Asaf Silberstein, Executive Vice President and Chief Operating Officer of Semtech Corp (NASDAQ:SMTC (NASDAQ:SMTX)), a $6.4 billion semiconductor company whose shares have surged 273% over the past year, has recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Silberstein sold 2,000 shares of common stock on January 15, 2025, at a price of $70 per share, totaling $140,000. Following this transaction, Silberstein retains ownership of 76,417 shares in Semtech Corp. This sale was executed as part of a Rule 10b5-1 trading plan, which Silberstein adopted on September 5, 2024. The stock currently trades near its 52-week high of $73.96, and according to InvestingPro analysis, appears to be trading above its Fair Value. InvestingPro subscribers have access to 12 additional investment tips and comprehensive analysis for SMTC, along with detailed Pro Research Reports available for over 1,400 US stocks.
In other recent news, Semtech Corp. has reported robust earnings and revenue results, with Q3 revenue reaching $236.8 million and earnings per share of $0.26. The company projects fourth-quarter sales around $250 million and a Q4 EPS of $0.32. Semtech has also successfully raised an estimated $640.7 million through a follow-on offering of common stock, primarily intended for debt reduction.
Piper Sandler, Needham, and Northland have all maintained a positive outlook on Semtech, reaffirming ratings and adjusting stock price targets. Piper Sandler emphasized Semtech's growth potential, particularly in Asset Control Center ( ACC (NS:ACC)) solutions and Link Performance Optimization (LPO) products. Needham and Northland highlighted the company's strengthened balance sheet following the stock offering and expect it to boost Semtech's non-GAAP earnings.
Semtech has also increased its public stock offering to approximately $575 million, consisting of over 9 million shares of common stock. The proceeds are planned to be used mainly to repay certain debts. These are recent developments in Semtech's operations.
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